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Debt Relief – Insolvency – Bankruptcy Information » Insolvency » How can I recover a debt owed to me?

How can I recover a debt owed to me?

This one is a bit out the ordinary!!! I’ll give the basics but try and keep it short.

I stupidly leant £4000 to my employer about 7 years ago. He signed a piece of paper to say that he borrowed the money from me and would pay it back.

Things started to go wrong for the business and my wages were being shortpaid to me. I sat down and worked out how much I was owed and again he signed to say that he owed me this money.

Then he sacked me. I took him to an Employment Tribunal and won.

Then a year later he was declared bankrupt. An Insolvency Practitioner was appointed. I attended, no other creditors did and neither did he.

In the Meeting of Creditors I informed the Chairman of all the assets that I knew he owned including the joint ownership of his house.

Recently I did a Land Registry enquiry against the place where he lives. He is listed as the owner and there is a charge by the Legal Services Commission.

How does he still own this house?
Can I still recover my money legally?
I guess I should also say that I am in the UK!
Also, can somebody tell me why the Legal Services Commission might have a charge on his property? Would this perhaps be something to do with financial assistance when he petitioned for his bankruptcy? (I’m not sure if it was a creditor petition or not)
Well, I kind of knew that there would probably be very little I could do to enforce the debt legally, but hoped that somebody might know of a loophole.

This leads me on to ask if anybody has any other ideas I might be able to try to recover this debt without breaking the law (if you catch my drift).

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6 Responses to "How can I recover a debt owed to me?"

  1. blues says:
    Sure you could.
    I’m sure the best thing for you to do is to ask a lawyer but quiet a bit expensive.
    If he has a share in that land as you have said… the law could ask him to liquidate that asset in order to pay off his remaining debts. If he is a Co-owner, the other person who own with him will have an option to buy his portion and you can go after him from that money.
  2. John C says:
    I don’t know much about the law in the UK, but universally, if the guy was declared bankrupt, you cannot do anything. Sorry for the bad news, but the law recognizes the guy as broke. His punishment is horrible credit for the rest of his life.
  3. Sammy&Pete says:
    Cant really say what goes on in the uk —- But in the US you’d be outta luck just like everyone else he owed money to.
  4. H. A says:
    Because no one including legal services has gone after it via the legal process to force a sale. The Legal Services Commission has a lien on it for money that he owes them. They can eventually force the sale of the house to recover the money owed to them and you can do the same by filing the appropriate paper work. You really need an attorney as your claim is well over 4000 pounds now and is growing due to the legal rate of interest you are entitiled to. However, since he bankrupted prior to you attaching his house you may have lost your ability to recover anything. Being in the US I don’t know the bankrupcy laws in England, but here you would be SOL, as most debts are wiped out unless they are already attached to real property. Once attached to the real property they last for seven years and every so often you can reattach the property for another seven years and so on and on. The Legal Services Comm. is protected up to the amount it is owed or up to the equity the house has. You really need to ask a good bankrupcy lawyer in your country. Good Luck.
  5. Francine M says:
    Take the person to small claims court.

    Francine

  6. lisa says:
    Go on Judge Joe Brown

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