How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Buachaill Your Own Question

Buachaill
Buachaill, Barrister
Category: UK Bankruptcy Law
Satisfied Customers: 8420
Experience:  Barrister 17 years experience
Type Your UK Bankruptcy Law Question Here...
Buachaill is online now
A new question is answered every 9 seconds

Hello. Back in 2008 I lent a friend £10000 to help him acquire

Customer Question

Hello.
Back in 2008 I lent a friend £10000 to help him acquire a business. Unfortunately earlier this year he was made bankrupt but did repay me the loan in full about 1 month prior to his bankrupcty. At the time I did provide details of this to the solicitors. Now, 2 days ago, I have received a letter from solicitors in London acting on behalf of the official receivers asking me to pay the £10000 as "I am in a better position on the bankruptcy than other creditors". They quote section 340 and 341 Insolvency act 1986 say the receiver can investigate any transactions prior to the bankruptcy order being made.
Is this correct? Am I liable for this although I did this as a good will gesture for my friend? I am not in any way blaming my friend for this, this came about as a consequence of the current economic situation in this country but I really had no other dealings with the business.
This seems grossly unfair and now my own situation is such that I really need this money myself but I cannot afford to fight this in court.
Please advise. Do I need further legal advice on this?
Thank you.
Submitted: 1 year ago.
Category: UK Bankruptcy Law
Expert:  Buachaill replied 1 year ago.
THIS ANSWER IS LOCKED!
You can view this answer by clicking here to Register or Login and paying $3.
If you've already paid for this answer, simply Login.

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • A quick response, a succinct and helpful answer in simple English. I believe I can now confront the counter party with confidence -- worth the 30 bucks! Rick Leeds, UK
< Last | Next >
  • A quick response, a succinct and helpful answer in simple English. I believe I can now confront the counter party with confidence -- worth the 30 bucks! Rick Leeds, UK
  • I did not know a French Law service existed and I was very impressed with the speed of reply --- very professional. Many thanks! Ms. Baker Alfafar, Spain
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie USA
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex Los Angeles, CA
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP Hesperia, CA
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin Kernersville, NC
 
 
 

Meet The Experts:

 
 
 
  • Max Lowry

    Advocate

    Satisfied Customers:

    60
    LLB, 10 years post qualification experience
< Last | Next >
  • http://ww2.justanswer.com/uploads/JO/jojobi/2013-3-19_0265_maxlowryphoto.64x64.jpg Max Lowry's Avatar

    Max Lowry

    Advocate

    Satisfied Customers:

    60
    LLB, 10 years post qualification experience
  • http://ww2.justanswer.com/uploads/JO/Josh2010/2012-4-29_19490_GettyImages80121770B.64x64.jpg Joshua's Avatar

    Joshua

    Lawyer

    Satisfied Customers:

    59
    LL.B (Hons), Higher Prof. Dip. Law & Practice
  • http://ww2.justanswer.com/uploads/AJ/ajlaj01/2012-5-9_14051_Profile1.64x64.jpg Alex J.'s Avatar

    Alex J.

    Solicitor

    Satisfied Customers:

    57
    2 Years Insolvency Litigation
  • http://ww2.justanswer.com/uploads/BU/Buachaill/2012-5-25_211156_barrister5.64x64.jpg Buachaill's Avatar

    Buachaill

    Barrister

    Satisfied Customers:

    19
    Barrister 17 years experience
  • http://ww2.justanswer.com/uploads/Topadvisor/2010-5-18_221239_Me.jpg John Knox's Avatar

    John Knox

    Solicitor

    Satisfied Customers:

    12
    solicitor with 8 years experience
  • http://ww2.justanswer.com/uploads/TO/touchwoodsden/2013-12-6_91518_MeforJA.64x64.jpg Stuart J's Avatar

    Stuart J

    Solicitor

    Satisfied Customers:

    49
    PGD Law. 20 years legal profession, 6 as partner in High Street practice