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Statutory demands, potential bankruptcy and leaving the country
So I'm in a bit of a pickle to say the least.
My business went under due to cashflow problem. It WAS a healthy company until a few people did not pay on time or at all and bang that was that. More to it but thats it in a nutshell.
The long and the short of it following this is that I have a personal liability of somewhere around £160k in unsecured debts.
I have £29k in the bank following a recent property sale and will be going travelling and then settling in the USA where I have a job offer of some significance. The real issue on this however that my parents lent me 50k to buy the house and the deal in writing was they were to be paid back on sale of the house which they have been. This however is i believe an unsecured debt technically despite our agreement and declaration of trust because they didn't take a charge on the asset and now they have been treated preferentially.
What will happen when I leave the country in my absence, statutory demands and CCJ's are yet to arrive but I will be protecting as much of the cash as possible to set up in the states. A potential offence I know on top of the one above i know.
Given I wont be returning to the UK, what really can be done?
I went under because the law is an absolute ass in this country and those that stole from me and didn't pay were untouchable.
One such individual used a company card to gamble to the tune of £50k. This was not criminal as they owned half the company at the time and as such could!
I would prefer to try and deal with the issue once im in america in case i ever need return, so would I be best off letting someone make me bankrupt or go down the root of an IVA from the states? I could afford to put 20k of the cash into the IVA and pay around £40000 over 5 years i think. Id rather avoid the bankruptcy as the OR may go after my parents retirement money i believe? Or would they need to get me first? Which they cant if Im in the states?
So if someone makes me bankrupt in my absence will I be able to get it overturned from abroad if i offer up an IVA in its place? The sum of the IVA close to £60000 will be damn close to 40% of the debt but one creditor is owed over 25% of the debt and thinks ive wound up the company on purpose so could easily scupper the IVA.
I know some may frown upon my attitude to it all but I was taken for £110k by various people last year and those I put in court... I never even saw the decision as the county court still has not concluded anything some 6 months later forcing my companies demise!
Thoughts?
My business went under due to cashflow problem. It WAS a healthy company until a few people did not pay on time or at all and bang that was that. More to it but thats it in a nutshell.
The long and the short of it following this is that I have a personal liability of somewhere around £160k in unsecured debts.
I have £29k in the bank following a recent property sale and will be going travelling and then settling in the USA where I have a job offer of some significance. The real issue on this however that my parents lent me 50k to buy the house and the deal in writing was they were to be paid back on sale of the house which they have been. This however is i believe an unsecured debt technically despite our agreement and declaration of trust because they didn't take a charge on the asset and now they have been treated preferentially.
What will happen when I leave the country in my absence, statutory demands and CCJ's are yet to arrive but I will be protecting as much of the cash as possible to set up in the states. A potential offence I know on top of the one above i know.
Given I wont be returning to the UK, what really can be done?
I went under because the law is an absolute ass in this country and those that stole from me and didn't pay were untouchable.
One such individual used a company card to gamble to the tune of £50k. This was not criminal as they owned half the company at the time and as such could!
I would prefer to try and deal with the issue once im in america in case i ever need return, so would I be best off letting someone make me bankrupt or go down the root of an IVA from the states? I could afford to put 20k of the cash into the IVA and pay around £40000 over 5 years i think. Id rather avoid the bankruptcy as the OR may go after my parents retirement money i believe? Or would they need to get me first? Which they cant if Im in the states?
So if someone makes me bankrupt in my absence will I be able to get it overturned from abroad if i offer up an IVA in its place? The sum of the IVA close to £60000 will be damn close to 40% of the debt but one creditor is owed over 25% of the debt and thinks ive wound up the company on purpose so could easily scupper the IVA.
I know some may frown upon my attitude to it all but I was taken for £110k by various people last year and those I put in court... I never even saw the decision as the county court still has not concluded anything some 6 months later forcing my companies demise!
Thoughts?
