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 Alex J. Your Own Question

Alex J.
Alex J., Solicitor
Category: UK Bankruptcy Law
Satisfied Customers: 2723
Experience:  2 Years Insolvency Litigation
13113900
Type Your UK Bankruptcy Law Question Here...
Alex J. is online now
A new question is answered every 9 seconds

I expext next week to be given an order at Leeds High Court

Customer Question

I expext next week to be given an order at Leeds High Court of Justice against an individual who owes me over £100,000. He does not plan to attend court (says he is depressed) and has not appointed a barrister to represent him. My solicitor and barrister will be in court to represent my case.

Unless my solicitor can get some arrangement of payment (very unlikely) then I must consider making him bankrupt. He says he is broke but has 3 homes and I believe "hidden" assets. My solicitor says he is not an expert in bankruptcy. What type of person/company should I search for to seek to recover the money owed? A specialist solicitor, an accountant or other specialist? He says he also owes £50,000 to a bank. Will they have precedence over me in making a claim? In short is there an order of claiments when he is made bankrupt? And what are unsecured creditors?

Charles
Submitted: 2 years ago.
Category: UK Bankruptcy Law
Expert:  UK-Justice replied 2 years ago.
Thanks for your question. Please remember to rate my answer SMILEY FACE OR ABOVE so that I am credited for my time.

Does he own any assets in his name or joint names?
Customer: replied 2 years ago.

Without investigation we do not know if assets are in his name or joint names.


Suspect that the family home which he says is mortgaged to the hilt is in his and wife's name. He has a rich wife.


His flat we suspect is in his name but claims it is up to the hilt in mortgage. His mother's home (died about 9 months ago) he has sold without the agreement of his sister who is 50% beneficiary. This is recent.


Suspect he has sqirralled away money overseas but how can we trace?

Expert:  UK-Justice replied 2 years ago.
To search the land registry is only about £5 a go and that is where you should start.

You may need an order to obtain information after Judgment or hire a private investigator.

Again you would need a PI to search overseas. It can be done but it is quite specialist and it will not be cheap.

But start with the land registry and get an order to obtain information.

I hope this helps.

Please remember to click *** OK SERVICE *** or above so that I am credited for my time. The question does not close and you can ask follow ups.

Important: If you feel the need to rate as one of the lower two scores, it counts as negative feedback so please reply to me via the REPLY with any further questions you may have. I will be happy to assist you further.
Customer: replied 2 years ago.

Is it possible for you to answer my query rather than answering your own question to me?


 


Charles

Expert:  Alex J. replied 2 years ago.
Hi

Thank you for your question and welcome to Just Answer.

Firstly an unsecured creditor, is a creditor who's debt is not secured against any assets belonging to the debtor. You will be an unsecured creditor.

Secondly the bank probably has the debt secured against the debtors home - that means that they would only have precedence over you as far as their debt is secured against property and relative to the value of that property. Is it a mortgage the bank has given the debtor?

You need to go and see and insolvency practitioner. If the debtor is hiding assets you can petition for his bankruptcy and then appoint your own trustee in bankruptcy (who will most likely be the insolvency practitioner) who will have special powers under the Insolvency Act 1986 to investigate the debtors affairs. He can do things like set aside transactions that have been done to deliberately avoid payment of creditors (e.g transfers of nil value from husband to wife) or unwind trusts and investigate hidden bank accounts. When the trustee has ascertained where all the bankrupts assets are and clawed bank anything "unlawfully transferred" they will then be able to make a distribution to the creditors.

I look forward to hearing from you.

Kind regards

AJ
Customer: replied 2 years ago.

You may be interested to know the result of the trial before a High court Judge yeserday. The defendant did not turn up or appoint a barrister or solicitor to represent him. The trial procedure went ahead and I was given judgement in totallity. Having won the case I am now in the position which I originally raised with you. The defendant claims he is broke. Therefore my questions were to establish what action I should take from now on.


My solicitor is negotiating with our company accountant on best methods. The seem to suggest that today a statutory demand be issued. Negotiate as much money as possible meantime and if the sum does not match the claim then issue bankruptcy proceedings.


Does this make sense?

Expert:  Alex J. replied 2 years ago.
Hi,

Thank you.

Congratulations are in order that you were not dragged through expensive litigation.

In relation to enforcement - yes that does make sense. The statutory demand contains a "penal notice". This will give the debtor 21 days to pay, if he does not pay in 21 days you can then proceed to petition for bankruptcy. When you petition for bankruptcy is issued you can use this as an opportunity to propose to appoint your own trustee in bankruptcy. You can then guide this trustee to where you believe the assets are hidden.

The effect of the Penal Notice will seriously test whether he is actually broke and has no assets. If he has assets in his name that have not been dissipated and he is desperate to keep them, then within the 21 days he will be more motivated to reach some form of settlement or payment plan with you other wise he risks bankruptcy.

Kind regards

AJ
Alex J., Solicitor
Satisfied Customers: 2723
Experience: 2 Years Insolvency Litigation
Alex J. and other UK Bankruptcy Law Specialists are ready to help you

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:

    67
    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:

    67
    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:

    58
    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:

    58
    PGD Law. 20 years legal profession, 6 as partner in High Street practice
 
 
 
Chat Now With A Solicitor
Alex J.
Alex J.
Commercial/Corporate
58 Satisfied Customers
2 Years Insolvency Litigation