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Bankruptcy, Debt Management Plans, Full & Final Settlements, Individual Voluntary Arrangement', Full & Final IVA's - don't let the stress of debt ruin your clients lives.

We at TIP Consultancy pride ourselves in placing the client first.You can take peace of mind that your affairs will be handled and supported by a highly professional team. With an aptitude for thinking outside the box, we pride ourselves on being able to identify workable recovery solutions to financial problems.

Based in Somerset, we offer a face to face service for the Southern region of the UK. All other clients are dealt with by friendly and sympathetic consultants who are in constant telephone contact with the client ensuring they are supported when needed.

Please do ask any questions, we are happy to give free, impartial advice, giving you the options to choose your own solution.

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Dear Sirs,

Can you please advise.

I am owed a debt by an individual - a loan made back in 1993. The debtor (an old friend) made nominal monthly payments until 3 years ago which just about covered the interest accruing. He has always promised to pay me back the debt but I believe that now he may be questioning this. I intend to definitley take this matter further and would like to know the following as soon as possible:

i) Can the debtor transfer all his assets into his wife's name to avoid paying out on any judgment against him?

ii) The only asset he has is private shares. Can I prevent him transferring/"selling" those shares to his wife?

iii) If he has already transferred other assets into his wife's name over the last few years are these irrecoverable?

iv) I believe that the limitation period(6 years) will only commence at such time as when I knew that the debt would not be paid. As he has always acknowledged the debt and said he would pay it back when he was able to and that only now may be saying that he will not pay, I understand that the limitation period will not apply (if I were to commence proceedings now).

So much for being an old friend!

There are several options and routes you can pursue. If the debt owed is over £750, which from the tone it is, then you could well issue a statutory demand against the individual and he will have to respond back to avoid you issuing a bankruptcy noitice.

If a propertyy is owned by the individual, or jointly owned, a CCJ can be organised through the courts and if ignored an interim, and then ultimatley a charging order can be placed aginst the propetry and funds will be received upon the sale of the asset.

The debtor can transfer all assets into his wife's name, however if a statutory demand and bankruptcy petition were to be issued, the official receiver would be reviewing all assets owned for the last 2 years, or property the last 5 years.

If either were to be pursued then you could advise of the private shares being owned/possibly transferred ,to the courts whereby they would not look lightly on the transfer of assets to stop funds being repaid to creditors.

Interest can be charged for the last 6 years only for debts that have been outstanding for longer than that period. As you took the view to accept a repayment 'as and when' then it will be difficult to prove otherwise.

If you need other advice please do post on line or e-mail.

Best of luck!