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! |