| T O P I C R E V I E W |
| kazy1 |
Posted - 23 December 2008 : 15:52:27
My husband has been given a statutory demand which goes to court in january what i am wondering is the man who served this on him also served one on him last jan but they came to an arrangement to pay but wont this time the last one was 90 thousand and now going down this route for 3 thousand would the judge make him bankrupt as he is paying the 90 thousand payment
thankyou |
| 5 L A T E S T R E P L I E S (Newest First) |
| kazy1 |
Posted - 23 December 2008 : 18:19:20
thanks John |
| John |
Posted - 23 December 2008 : 16:50:46
HI
insolvent is when your debts outweigh your assets.
So the truth is most of the country is actually insolvent but bankruptcy would only normally occur if repayments have become an issue.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
| kazy1 |
Posted - 23 December 2008 : 16:23:16
the demand is for court costs my husband lost so has to pay but he has a hearing in feb to decide what he can afford as he has tried to come to an arrangement. would this have any bearing on this hearing
thankyou |
| kazy1 |
Posted - 23 December 2008 : 16:17:55
sorry to sound dim but can you define insolvent.
And yes the man is shortsighted!!!!!! |
| John |
Posted - 23 December 2008 : 16:10:57
Hi
your husband, if insolvent, could be declared bankrupt by the court if the creditor in question sees the process through.
Obviously I don't know the background of the situation nor do I know the nature of this particular individual. But common sense tells me this:-
for a £3K debt the creditor is considering petitioning for your husband's bankruptcy and at present is not prepared to accept any deals.
To do so will cost him at least £1500 in court / legal fees so he stands to recoup a £1.5K benefit if your husband has that amount of capital. I suggest he probably hasn't.
Therefore, yes your husband will be bankrupt, but the creditor will not get the £3K, will have spent £1.5K in the process and also lose any possibility of future payments in relation to the £90K debt still outstanding.
He would have to be very shortsighted and seemingly willing to cut off his nose to spite his face as it were.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
