Insolvency case

[Les_lady888]

Can anyone please enlighten me what's insolvency case all about? Thanks.

[joebloggs]

:Erm: unable to pay liabilities, which can lead to liquidation :yikes:

[Les_lady888]

Thanks Joe.....is that same with estafa case? What will happen to one who has insolvency case in UK? Thanks.

[andypaul]

Normally if you don't have the money to pay bils and debts, you go bankrupt if a person.

Is it a company or a person who has the insolvency problem?

[Les_lady888]

If an individual has an insolvency case, what is expected of him? That he should work hard to pay his debts? or wll he be jailed for beng bankrupt? Will he be denied of his benefits as a British citizen? Will his family be compelled to pay for his debts too?

In the Phils., if you have estafa case, you can be jailed if you cant pay your debts....but you can also pose a bail to be temporarily free.

A friend mentioned to me about insolvency case which we both don't understand much. She told me her bf's father has an insolvency case in UK.

[joebloggs]

from what i know. apart from nowt :D

you would goto someone like CAB, get advice, many times they can do a deal with who ever you owe money to, not in thier intrests to make you brankrupt as they would get little, if anything.

cab would do some sort of budget showing what you've got left each month, and offer the lender a certain amount, or if it goes to court, you could offer to pay a certain amount again,, i'm sure many of those who do go bankrupt, dont communicate with the lender or don't try and do a deal.

i know someone who owed about 20k to a bank, and they did a deal with them paying it back at £10 a month :D

as for passing on the debts, maybe by law your spouse is responsible, but depending on the amount and bad publicity the lender could get, they might not bother..

just my 2p worth.. :xxgrinning--00xx3:

[keithAngel]

Not quite as bad as that

His family would not be responsible unless there were guarantee's to any loans or in joint names, neither will he go to jail if there are no criminal elements like fraud involved

He might loose his house and have to rent and credit will not be possible untill he is discharged but whilst its not much fun and will change his and his families life there are many such cases here every year.

People in this situation often make an small offer towards there debts

Your work tools are also immune to seizure as you will need them to keep working

http://www.debtadvicebureau.org.uk/bankruptcy/bankruptcy_pros_cons.html

[aromulus]

Not quite as bad as that
Your work tools are also immune to seizure as you will need them to keep working

So Joe, Rob and Keith can keep moonlighting in the male escort business, then.....:icon_lol:

[keithAngel]

Its laugh a post here

[aromulus]

Its laugh a post here

You ain't seen nothing yet........:doh

Just wait 'till "R" Keith wakes up.....:rolleyes:

[joebloggs]

So Joe, Rob and Keith can keep moonlighting in the male escort business, then.....:icon_lol:

yes dom, don't forget we've got you booked for 10:30pm tonight as a star dancer at the Adonis Cabaret's club in Rhyl, and don't forget your Leopard Skin Leotard :xxgrinning--00xx3:

[joebloggs]

where is scouser keith, not around much theses days, must be doing his community service or care in the community :Erm:

[aromulus]

yes dom, don't forget we've got you booked for 10:30pm tonight as a star dancer at the Adonis Cabaret's club in Rhyl, and don't forget your Leopard Skin Leotard :xxgrinning--00xx3:

You are too late..........:xxgrinning--00xx3:

I had top billing there for the past 20 years.....:D

[joebloggs]

:NoNo: i watched a program last night, actually about 30 seconds of it, it was about star dancers in the phils. soon as the guy said "it's where Adam can be Eve", my finger was already on the stop button :yikes:

why, oh why, oh why :doh

[kimmi]

yes dom, don't forget we've got you booked for 10:30pm tonight as a star dancer at the Adonis Cabaret's club in Rhyl, and don't forget your Leopard Skin Leotard :xxgrinning--00xx3:


I had top billing there for the past 20 years.....:D


:omg::omg::omg::doh:icon_lol::icon_lol:

[andypaul]

:omg::omg::omg::doh:icon_lol::icon_lol:

Kimmi its when Dom po puts them up in the gallery you want to worry:Rasp:

[kimmi]

Kimmi its when Dom po puts them up in the gallery you want to worry:Rasp:

:icon_lol::icon_lol::icon_lol::rolleyes: