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Category: UK Law
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Experience:  BA (Hons), PgDip, Practising Solicitor
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I invested money with a friend with the return date being 6

Resolved Question:

I invested money with a friend with the return date being 6 months. It was £20,000.


 


We had a contract stating that he would return the money in 6 months.


 


He did not return on the contractually agreed date and asked for an extension of 10 weeks and gave a post dated cheque. When the time came to pay he asked for another month.


 


This time he gave an email from his solicitor (his solicitor is not registered on the law society or bar council website) saying that he will have funds in his account on a certain date. The time to pay has come and gone and he is not returning my calls. So I want to know how I would go about recovering.


 


Also, he is a barrister but he is not registered on the bar council register- what action can I take against him?


Over the last 4 months, he has just had excuse after excuse and made numerous empty promises.


In the last 3 weeks he has stopped answering my calls and text messages.


 

Submitted: 1 year ago.
Category: UK Law
Expert:  Thomas replied 1 year ago.
Hi

Do you have a written loan agreement for this?

Tom
Customer: replied 1 year ago.

Hi,


This is the contract


 


The following is agreed between the Investor (name redacted) and Enterpreneur (name redacted):


 



  1. That the (name redacted) investor shall invest the amount of £ 20,000 in Park Associates (Enterpreneur) for the six months.


 



  1. That The Entrepreneur shall give the fixed profit of £ 1,600 to the Investor after 6 months.


 



  1. That The Enterpreneur shall return the Capital amount of £20,000 after six months along with the agreed profit amount of £1,600.


 



  1. The investor shall not demand the withdrawl of the said amount any time during the agreed time period of 6 months.


 


 

Expert:  Thomas replied 1 year ago.
Hi

Thanks for your patience.

Okay. If you’re satisfied that they have breached the agreement then you’re going to have to get serious and formalise proceedings.

This means that you have to issue a claim to recover the monies by suing them for breach of contract.

If you are satisfied that you have given them adequate time to remedy the breach and that you have satisfactory documentary evidence from them confirming that they have breached the contract then you can proceed straightaway.

The claim is in excess of the small claims track and so I would consider instructing a solicitor before you issue to confirm the merits of the claim. Costs will be claimable if it’s not on the small claims (which it won’t be) so you don’t want to get caught out if something has been missed and this is why you need specific advice to ensure that your claim is watertight.

If what you say is true and there are no omissions of fact then you will be fine though.

Please remember to RATE my answer OK SERVICE, GOOD SERVICE OR EXCELLENT SERVICE or above if you are satisfied that you have received the correct legal advice (even if it is not the answer you wanted to hear), otherwise I do not receive any credit for answering your question.

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Kind regards,


Tom
Customer: replied 1 year ago.

Hi Tom,


Thanks very much for your help. Last part of the question I'm still curious about


Also, he is a barrister but he is not registered on the bar council register- what action can I take against him?


 


Expert:  Thomas replied 1 year ago.
Hi,

If he is holding himself out as a barrister and he is not then you need to contact the Bar Council. It does not affect your claim against him but it is potentially a criminal offence.

Ditto the solicitor, but you woudl have to contact the Solicitors Regulatory Authority.

Please remember to rate my answer.

Tom
Thomas, Lawyer
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Experience: BA (Hons), PgDip, Practising Solicitor
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