Guest Angry Koala Posted February 13, 2009 Share Posted February 13, 2009 You have stated that you gave this guy money which he put in his own account. At no point were contracts drawn up to show you as a partner in the business (silent or otherwise) or any shares issued to you. Is that correct? If so, having nothing in writing MAY be advantageous as there is no proof that this money was anything more than a personal loan. IF he then used it to invest in his own business that is nothing to do with you. IF he promised to repay the loan while doubling your money, you would actually be showing considerable restraint and understanding in ONLY asking for the original amount back. What you WILL have to do AFAIK is to make a claim against him as an individual so that you are listed as a creditor when he files for personal bankruptcy. This may see you get at least a proportion of your money back. If it turns into his word against yours and he claims the money was a gift then it's all going to get very costly and drawn out I would think. BTW I'm not a legal professional so this shouldn't be taken as binding but do look into the above with someone qualified. Also for anyone giving advice on this thread please be aware that if your advice were followed and you had stated something as fact without a disclaimer (see mine above) and this path of action were to fail, it is possible under UK law that "anonynous" could actually claim against you for poor legal advice and would be entitled to recover part or ALL of the money that the advice had cost him from your good self...... Quote Link to comment Share on other sites More sharing options...
AlanM Posted February 13, 2009 Share Posted February 13, 2009 It is also the case in Scotland that if you do no "vigourously pursue" any money owed within a period of five years the claim is null and void. I do not know if this applies in England Quote Link to comment Share on other sites More sharing options...
TLicense Posted February 13, 2009 Share Posted February 13, 2009 You need to declare yourself as a creditor before he files for bankruptcy. The Administrator will take care of making sure you get a percentage back, you've got your accounts and his accounts that show the transfer of funds which will be enough. However, the percentage you get back will be nothing like the amount you originally invested. I would expect to get something like 20 pence in the pound. His assets will be auctioned off, he can't transfer them into his wifes, or anyone elses name, if he does then the Administrator should be able to get them back. I have recently been helping a family member file for bankruptcy so know for a fact that this is the case. Quote Link to comment Share on other sites More sharing options...
benkei Posted February 13, 2009 Share Posted February 13, 2009 I'd pay him a visit with some tough looking friends and politely ask him WTF he thinks he's doing. Then get the issue sorted out ASAP. He obviously took advantage of your good will in order to have a better quality of life. The fact he's been messing around with where your money has actually gone, what he's used it for (Why buy new cars, houses and clothes if your business is failing?!) is a red flag immediately! He took your WHOLE life savings in order to treat his family, where as you get sweet FA! I'd be FUMING! Legally, it's going to be an uphill struggle. I'd force him to sell his possessions in order to pay you back. There's no way I'd let him get away with this! He was supposed to be a close friend?! Could try guilt tripping him and getting a contract written up for method of repayment. This is beyond belief! Good luck to you.. Looks like you're going to need it! Quote Link to comment Share on other sites More sharing options...
SupraAyf Posted February 13, 2009 Share Posted February 13, 2009 Also for anyone giving advice on this thread please be aware that if your advice were followed and you had stated something as fact without a disclaimer (see mine above) and this path of action were to fail, it is possible under UK law that "anonynous" could actually claim against you for poor legal advice and would be entitled to recover part or ALL of the money that the advice had cost him from your good self...... I would like to see the binding legal reference for this;) We can then close down the forum in fear of everyone taking each other to court! Quote Link to comment Share on other sites More sharing options...
Guest Angry Koala Posted February 13, 2009 Share Posted February 13, 2009 I would like to see the binding legal reference for this;) We can then close down the forum in fear of everyone taking each other to court! If you are unfortunate enough to experience poor service from a bad solicitor, or receive bad legal advice, you may have the right to seek compensation. If an individual who was assumed to be a legally qualified solicitor is found to have provided poor, or inadequate, professional service, the Legal Complaints Service has the power to order the "solicitor" to pay you compensation of up to £15,000. This is from the legal complaints service. "The Solicitor's Regulation Authority may award compensation if you have lost money as a result of the solicitor's dishonesty". This includes an individual giving legal advice which they know they are not qualified to give and which is stated as fact. Therefore all that "anonynous" would need to do to make a claim would be to state that he had assumed that the advice was being given by someone who was qualified to give such advice, ie a solicitor, which he cannot do if you have stated that you are not qualified to give such advice and that it is simply your understanding of the issue or an opinion. As I understand it this applies to Legal advice only (ie not on opinions of what wheels to fit or whether a TT exhaust will fit an NA etc) although I don't know this for a fact. Quote Link to comment Share on other sites More sharing options...
ivan Posted February 13, 2009 Share Posted February 13, 2009 I'd love to see that one stand up in court. "I lost all my money because someone on a car forum told me so'n'so." Yeah, right! Quote Link to comment Share on other sites More sharing options...
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