From: Mark Goodge 
Newsgroups: uk.finance uk.legal
Subject: Re: Say you owe money to a person likely to go bankrupt.., what next?
Date: Sat, 11 Aug 2007 20:00:07 +0100
Bytes: 2888

On Sat, 11 Aug 2007 17:43:45 GMT, Mike_B put finger to keyboard and
typed:

>In message <1186853621.129986.316220@b79g2000hse.googlegroups.com>, 
>"Theo_Delight@yahoo.co.uk"  writes
>>On 11 Aug, 18:08, Mark Goodge 
>>wrote:
>>> On Sat, 11 Aug 2007 09:10:12 -0700, Mafies put finger to keyboard and
>>> typed:
>>>
>>> >Will the official receiver view the debt as the bankrupt's asset and
>>> >make you pay,
>>>
>>> Yes.
>>
>>That seems to assume the debt is documented or can otherwise be shewn
>>to exist.
>>
>>If the debt can be disputed, what could/would the receiver do?
>>
>
>It would depend on the size of the debt. The OR's job is to maximise the 
>amount available for the creditors. They would need to calculate the 
>chances of success and the costs involved in recovery and weigh that off 
>against the amount they would recover before deciding whether it would 
>add a sufficient amount to the available assets to make it worthwhile 
>chasing it.

Yes, of course. But that's not all that different to what the original
creditor would do when deciding whether or not to chase a bad debt. So
the OP's situation hasn't changed significantly, and he certainly
still owes the debt.

The only major difference is that the Receiver is likely to be more
dispassionate about it than the original creditor - he won't chase a
debt "on principle"; it will only be pursued if the Receiver judges it
to be cost-effective to do so. But it would be unwise for the OP to
rely on that as a probable mewans of escaping payment.

Mark
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