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-   -   Effect of insolvency on family debtors (http://paymentprocessing.cc/showthread.php?t=7047)

advxc153 06-15-2011 10:09 AM

Effect of insolvency on family debtors
 
I have a client who has extensive property investments, and is facing possible insolvency. He previously lent approximately ?40000 to his son for investment in a company his son had set up. His son is sole director, and the investment by his son in the company was shown in the directors loan account. This company is debt free, has no employees but is still trading, although no longer profitably, but it does own some plant and equipment (valued at approximately ?30000). His son has no personal assets.

If my client declares himself bankrupt, what will happen regarding this loan? Will the administrator demand repayment, so bankrupting his son as well?

If the loan has been directly to the company, could the administrator demand repayment from the company, as it has some assets?

Any advice appreciated.

Nabeel Shaukat Butt 07-10-2011 07:08 AM

If it is issued to the company they will not demand however they can impose some pressure to recover the debt. If it is directly transferred to the son then yes they will require him to pay it off.

sambob 07-25-2011 06:30 AM

Its seems to be a negative effect.

cinema 12-19-2011 05:30 AM

If the debt is given in the name of the company then they can't demand for the recovery of debt once the company get insolvent. but if the debt is given by them in the name of their son then they can force their son for the payment of the debt.

chouhan 12-24-2011 11:47 AM

As they have given finance to their own son and if they have given it on the name of the company then once the company declares itself insolvent they can not file any suit or have no right but if they have given it on the name of their son then they can demand loan amount from their son.

jnomanh 03-20-2012 06:34 AM

If it is issued to the company they will not demand however they can impose some pressure to recover the debt.

ipsiness 06-27-2012 10:31 AM

yup i think its great issue

junwei2 07-06-2012 06:32 AM

legal
 
You can seek legal help.

lisaa 11-13-2014 06:57 AM

es definitely you would have to charge sales tax on online orders too.

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