UKC

Quick question; can an individual initiate bankruptcy proceedings if somebody owes them a substantial amount of money(£80000) and shows no sign of paying up?

In reply to FesteringSore:

Yes.

Maybe this first:
https://www.gov.uk/statutory-demands/overview

Then:
https://www.gov.uk/apply-to-bankrupt-someone

I am not a legal bod.

In reply to FesteringSore:

Yes, but it doesn't guarantee that they'll pay that particular debt

In reply to balmybaldwin:


no but they will be bankrupt it's an either or isn't it.

In reply to FesteringSore:

Use a debt collector, you can add their fees to what's owed you and they know the ropes.

Usually just a letter from them does the trick.

In reply to balmybaldwin:

But most people don't want to be declared bankrupt or have their company declared insolvent. The rules for applying to have someone declared bankrupt / insolvent are quite clear, and not paying a debt is considered prima facie evidence that they are bust. In my experience (as a completely unqualified chap), people pay up pretty swiftly when you threaten them with it.

But take legal advice.

In reply to FesteringSore:

It makes a difference whether the debtor is a person or a corporate entity. Ultimately the procedures are similar but you need to observe the correct protocols. The links posted in the first reply are very helpful. It is essential that in your correspondence with the debtor you appear determined and professional and equally that you follow the procedures impeccably. You will not succeed in the courts if your paperwork is awry. On the other hand, solid documentation can be very persuasive.

In reply to All:
Many thanks for responding. One(possibly overriding) problem is that the loan was made about five years ago and I've moved house twice since then. Consequently I cannot find the loan agreement and I suspect he has got wind of that. What I have got, however, is documentation to the effect that the loan is secured on a property which he has had on the market(seen on Rightmove) although it no longer shows up on the Rightmove site. He has told me recently that he is now marketing it through a mortgage company(??)
I'm going to discuss it further with my solicitor.