How do you make someone bankrupt?

[paoloh]

Long story short.

Someone owes me a lot of money and has no intention/way of paying it back.

They own their own home but from what I can see, not a lot else.

What are the Pros and cons?

Don't really want them losing their home but am a tad annoyed about the debt.

[MaxAndRuby]

Raise a bankruptcy order?

[AlexKP]

How much Paoloh?

[funkyol]

Speak to a solicitor and take them to court.

[metro lover]

You won't get your money back then either will you?

[paoloh]

anonymous said:

[redacted]

£50k

[paoloh]

TVR Moneypit said:

paoloh said:

anonymous said:

[redacted]

£50k

Employ some ruthless sorts to get it back 'via any means', plus their costs on top.

If they are good enough, he will sell his home in a flash.

TBF, I don't think the house is worth what it owes, hence why I lent the money

[Tony*T3]

metro lover said:

You won't get your money back then either will you?

If they own their own home he should do. Administrators will take it as an asset wont they? and the destribute funds to creditors. (or do you meanthey have a mortgage?)



unless theres some kind of agreement in place and the right kind of licenses for miney lending though I'm not sure the law is going to side with an indevidual.


Was the money owed covered in this way?

Edited by Tony*T3 on Wednesday 11th March 11:46

[paoloh]

Tony*T3 said:

metro lover said:

You won't get your money back then either will you?

If they own their own home he should do. Administrators will take it as an asset wont they? and the destribute funds to creditors.



unless theres some kind of agreement in place and the right kind of licenses for miney lending though I'm not sure the law is going to side with an indevidual.


Was the money owed covered in this way?

No, friend to friend but he does admit the debt.

House has mortgage on it.

Edited by paoloh on Wednesday 11th March 11:48

[sleep envy]

IIRC you can put a charge on their house - they won;t be able to sell the house until they pay you off first

could be well wide of the mark on this though

[metro lover]

paoloh said:

Tony*T3 said:

metro lover said:

You won't get your money back then either will you?

If they own their own home he should do. Administrators will take it as an asset wont they? and the destribute funds to creditors.



unless theres some kind of agreement in place and the right kind of licenses for miney lending though I'm not sure the law is going to side with an indevidual.


Was the money owed covered in this way?

No, friend to friend but he does admit the debt.

House has mortgage on it.

Edited by paoloh on Wednesday 11th March 11:48

Sounds like you've messed up there

[Wings]

paoloh said:

Long story short.

Someone owes me a lot of money and has no intention/way of paying it back.

They own their own home but from what I can see, not a lot else.

What are the Pros and cons?

Don't really want them losing their home but am a tad annoyed about the debt.

Do your research on the person who owes you money first.

Several years ago I found myself in a similar position to yourself, I approached a firm of solicitors, who quite frankly were economical with the truth, and tried to milk the situation and attempted to screw me for a large sum of money.

If the person who owes you money, has no financial assets, then by bankrupting that person you are only throwing good money after bad.

[scotal]

sleep envy said:

IIRC you can put a charge on their house - they won;t be able to sell the house until they pay you off first

could be well wide of the mark on this though

This is common, and quite a good idea.

Trouble is, your mate might be so far in the poo that you could be last in a long line of charges....
You need legal advice.

[Wings]

haworthlloyd1 said:

speak to member on here jamesuk28

+1 Agree, do your research first, before talking or employing a solicitor.

[thehawk]

If he really has no net worth then it's hard to swallow but you will never see the money. Once again someone has learnt the hard way never lend friends money.

[ALawson]

Has he got a wife or GF you can pimp out?

[metro lover]

thehawk said:

If he really has no net worth then it's hard to swallow but you will never see the money. Once again someone has learnt the hard way never lend friends money.

+1 Hate to say it

[Andyuk911]

Your only chance is a charge on the house ... I would move quickly, just in case he owes other people

Good luck

[Gonad]

metro lover said:

thehawk said:

If he really has no net worth then it's hard to swallow but you will never see the money. Once again someone has learnt the hard way never lend friends money.

+1 Hate to say it

Start the procedings off by issuing a stat demand, this should bring things to a head (pm me if you want a word doc)

[Jasandjules]

Does he admit he owes 50k you in writing? You say "lent" him the money, can you explain the circumstances? (Just that if it was a business contract of some kind and it's an unpaid bill of over £750 you can issue a winding up order - bankruptcy)...