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skitty1
Starting Member
United Kingdom
5 Posts |
 Posted - 03 July 2010 : 22:10:15
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| Help Somebody? I was declared bankrupt on 4th February this year after the total collapse of my business in December. I initialy had a telephone interview which was followed by several letters (which required a lot of answers). I was then interviewed by the OR for 3hrs after which she said not to worry and you can now put line under everthing and start to rebuild your life but may get a BRO because June 2009 I repaid 4 close family members a total of £11,000 which they had lent me during 2008/09 (The OR had previously written to them for conformation of this). The OR also said that she fully understands why I paid them and sees this happening all the time! I was just starting to feel less stressed when yesterday all my familly members received letters for a London solicitor demanding payment before end July threatening court action if they dont comply. Two of the family members are my step-daughters that live with me - too add to the stress!! and have spent the money on cars! I dont want to put them under this kind of preasure, please advise a) if they can be forced to repay the money and if so can they offer what little they have as a full and final settlement. I acted in good faith last June not knowing the rules and still solvent at the time. |
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debtinfo
forum expert
2826 Posts |
Posted - 03 July 2010 : 22:17:49
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Yes they can be made to repay through the courts, is the solicitor moonbeever.
The OR will first ask for the money to be repaid, if yhey will not or cannot then the OR will look at the viability (ie is it worth the cost or going to court) of pursuing the money
The OR will always consider any offer made, whether they accept or not is highly individual to the case, again on a cost/reward basis |
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debtinfo
forum expert
2826 Posts |
Posted - 03 July 2010 : 22:18:52
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| Just to add that you must not have been solvent at the time last june if they are asking for repayment, they can only ask for repayment if you were insolvent |
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skitty1
Starting Member
United Kingdom
5 Posts |
Posted - 03 July 2010 : 23:08:50
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[quote]Originally posted by debtinfo
Just to add that you must not have been solvent at the time last june if they are asking for repayment, they can only ask for repayment if you were insolvent
Thanks for the reply. The sols are Moonbeevers! and the money was paid in Aug 2010(my mistake). Interesting your point re solvancy - I have always insisted that I felt I could trade my way out of my situation and only realised in Dec that my situation was impossibe after taking advice. When interviewed however face to face they seemed to imply that the business must have ceased trading in sept when I started a college course to further my education and a part time job in late October. I do have proof that the business ceased in October when I cancelled my trade membership. Is it worth a talk to the OR next week ????? |
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debtinfo
forum expert
2826 Posts |
Posted - 04 July 2010 : 07:30:50
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You would have been officially insolvent if either
a) your total income was less than your total outgoings on a monthly basis
b)Your Assets were less than your liabilities
I presume this must have been the case or you would have had a very steep downwards curve in the last few months |
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skitty1
Starting Member
United Kingdom
5 Posts |
Posted - 04 July 2010 : 10:15:04
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quote:
Originally posted by debtinfo
You would have been officially insolvent if either
a) your total income was less than your total outgoings on a monthly basis
b)Your Assets were less than your liabilities
I presume this must have been the case or you would have had a very steep downwards curve in the last few months
Thanks for above debtinfo - sometimes need a reality check-everything gets so muddled and the information ive received over the last year has not aways been spot on! |
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debtinfo
forum expert
2826 Posts |
Posted - 04 July 2010 : 10:29:24
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Thats alright, alot of people (including some out there right now) trade whilst they are insolvent, precisly because they genuinely believe that they can turn it round, some eventually do, some dont.
Ive not met anybody who looks at their own business as clinicly as they would someone elses, because of all the hard work they have put into it |
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Help Somebody? I was declared bankrupt on 4th Feb
