Need advice on recovering money... bankruptcy specialists?

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I’m about to get an order from Leeds High Court of Justice against someone who owes me over £100,000. He’s not attending court (says he’s depressed) and hasn’t hired a barrister. My solicitor and barrister are handling my case.

If no payment arrangement is made (seems unlikely), I might need to consider bankruptcy proceedings. The guy claims he’s broke but owns three homes and possibly has hidden assets. My solicitor admitted bankruptcy isn’t their specialty, so I’m not sure who I should contact next. Do I need a specialist solicitor, an accountant, or someone else?

Also, he owes £50,000 to a bank. Does that mean they’d have priority over me if he’s declared bankrupt? Lastly, what does ‘unsecured creditors’ mean? Would appreciate any advice!

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Sounds rough! I’d say go for a solicitor who specializes in insolvency or bankruptcy cases. They’d know how to deal with hidden assets too.

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francisjonah said:
Sounds rough! I’d say go for a solicitor who specializes in insolvency or bankruptcy cases. They’d know how to deal with hidden assets too.

Thanks! Any idea where to look for one? Not sure if this is something local or national.

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francisjonah said:
Sounds rough! I’d say go for a solicitor who specializes in insolvency or bankruptcy cases. They’d know how to deal with hidden assets too.

I’d start with a Google search for insolvency solicitors near you. National firms might also have expertise. Good luck!

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Unsecured creditors are basically people or entities that don’t have collateral backing their loans. Like if the bank has a mortgage on one of his homes, they’d be secured.

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Corey said:
Unsecured creditors are basically people or entities that don’t have collateral backing their loans. Like if the bank has a mortgage on one of his homes, they’d be secured.

Oh, I get it now. So unsecured creditors like me would be lower on the priority list?

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Corey said:
Unsecured creditors are basically people or entities that don’t have collateral backing their loans. Like if the bank has a mortgage on one of his homes, they’d be secured.

Exactly. Secured creditors usually get paid first because they have assets to back their claims. It’s tough, but don’t lose hope!

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If he owns three homes, he’s probably not as broke as he says. A forensic accountant might help find those hidden assets.

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Wyatt said:
If he owns three homes, he’s probably not as broke as he says. A forensic accountant might help find those hidden assets.

Interesting, never thought of a forensic accountant. Would they work alongside a solicitor?

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Wyatt said:
If he owns three homes, he’s probably not as broke as he says. A forensic accountant might help find those hidden assets.

Yep, they’d dig into his finances while the solicitor handles the legal stuff. Could be worth looking into!

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Banks often get priority because of secured loans. If he owes them £50,000, that could complicate things for you.

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Jaden said:
Banks often get priority because of secured loans. If he owes them £50,000, that could complicate things for you.

Yeah, that’s what I was worried about. Does it mean I might not get anything?

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Jaden said:
Banks often get priority because of secured loans. If he owes them £50,000, that could complicate things for you.

Not necessarily, but it could mean you get a smaller share. An expert solicitor can guide you better on this!

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Have you thought about mediation before bankruptcy? Sometimes it’s cheaper and quicker than legal proceedings.

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Lin said:
Have you thought about mediation before bankruptcy? Sometimes it’s cheaper and quicker than legal proceedings.

Hmm, not sure he’d go for it. He’s already ignoring court. But maybe it’s worth a shot?

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Lin said:
Have you thought about mediation before bankruptcy? Sometimes it’s cheaper and quicker than legal proceedings.

Yeah, if he’s uncooperative, it might not work. Still, it could save time and money if he agrees.