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johndebt
Starting Member
2 Posts |
 Posted - 07 October 2008 : 20:25:31
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Hi,
I am considering going BR very soon.
Over the past few months, I have borrowed large amounts of cash from friends and relatives - all unrecorded.
I would like to be able to pay this back to them prior to declaring BR, and would do this by selling my car (which would be sold through the process of BR anyway).
I have read that the process of BR could consider this move as trying to hide assets.
Can I do this or will it cause issues |
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movin on
Average Member
United Kingdom
946 Posts |
Posted - 07 October 2008 : 21:11:29
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Hi Johndebt
Im certainly no expert, but i would say its not be a very good move, as it could be seen as favouritism by the OR and i think they can even ask for the money to be returned.
As i say i dont know ins and outs, however there are more experienced people here an experts that are more than willing to help.
Good luck
Jenny
The weights are coming off my shoulders very slowly, but making such a big diference !! |
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John
New Member
United Kingdom
73 Posts |
Posted - 07 October 2008 : 21:47:12
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Hi
moneyworries is correct. To act as described is known as preferential treatment and the OR would write to the people you had repaid requesting the return of the monies.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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johndebt
Starting Member
2 Posts |
Posted - 07 October 2008 : 23:50:13
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Ok.
What would happen if the OR requested the return of the monies, but the person(s) refused? Can they be forced to return the money by law?
On a slightly different angle also, let's say that this money was repaid to someone outside of the UK? Is it still retrivable? |
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digman
Junior Member
United Kingdom
319 Posts |
Posted - 07 October 2008 : 23:59:10
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Hi ,
As i understand it if the person refused the request to repay the monies the OR would seek what is called a ' restoration order ' thru the courts forcing the return of said monies .
As for the ' outside the UK ' part of the question , sorry i dont know . Im sure one of the ' experts ' would be able to advise on that matter .
Andy |
Edited by - digman on 08 October 2008 00:00:45 |
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BankruptC
Senior Member
1030 Posts |
Posted - 08 October 2008 : 00:04:21
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Just to add if the monies can't be recovered (and maybe even if they can), I would imagine a BRU/BRO would be looked at if you chose to do this.
C. x |
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Topic |
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Car related BR query
