Bankruptcy?

[Andy Collins]

Thats is a a very sweeping statement... we do not know this persons circumstance. Anyone of us could fall out of tree tomorrow or have a car crash and end up in a terrible situation.

 

Like others have said, get your friend to take advice from experts.

 

The biggest problem here Phil, is that some take advantage of the bankruptcy laws to shaft others, then glibly set up in a new name at the other end of the country. Thankfully the world is a very small place due to the Internet, it is no longer possible to hide anywhere, whatever new name is adopted. Some local publicans tried this stunt, ran down south, they thought no one would know them there....wrong.

[skyhuck]

The biggest problem here Phil, is that some take advantage of the bankruptcy laws to shaft others, then glibly set up in a new name at the other end of the country. Thankfully the world is a very small place due to the Internet, it is no longer possible to hide anywhere, whatever new name is adopted. Some local publicans tried this stunt, ran down south, they thought no one would know them there....wrong.

 

Good point Andy and we work in such a tiny industry that every one knows everyone else, its very difficult to hide behind a false identity for long, you soon get found out

[PhilBeech]

I don't think anyone is hiding, just quietly getting on with re-building their life.

[Andy Collins]

Oh believe me, plenty do run away and hide. But anyway, this isn't a witch-hunt, nor is anyone looking to point the finger in any direction. I guess it's a sad fact of life nowadays that the economy has taken the turn it has for so long, more than even the most experienced financial experts could have foreseen, and has taken down so many previously successful businessmen in its wake.

[Minotaur]

A few facts

IVA - you will have to have an IVA admin, he will negotiate a settlement of so many pence in the pound to your creditors, once agreed, you neeed to stay on board or face the wraith of the legal system and possible bankruptcy

 

Bankruptcy: as in any debt recovery tools of the trade are protected to a certain value. If you have an asset such as a car, or this case a Land ROver, this can be taken away as the value will take you over the protected limit. Most people can catch as bus/train or walk, ride a bike etc - Silky did it!

 

Selling off an asset to a friend to avoid a liability or to deprive the legal process and your creditors, and can in certain circumstances, be classed as a fraudulant act.