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m88
Junior Member
159 Posts |
 Posted - 28 April 2009 : 11:05:25
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| i had a written agreement to pay any redundancy/severance pay to the person i bought a pub lease off, the pub was given back to the pub co last june, , will the agreement with the person still stand if i go br thanks |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 29 April 2009 : 23:01:20
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Hi
sorry seemed to have missed this question.
The money you owe the person for the pub lease is just another debt and is equal in standing to your other debts. Therefore if you paid him back over barclaycard or the bank this would create a precident and would effectively treat him differently to your other creditors.
what is the level of debt and how much are you expecting to recieve in redundancy / severance pay?
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
http://www.revivauk.com
Real People ..... Real Debt Solutions
www.revivauk.com |
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m88
Junior Member
159 Posts |
Posted - 30 April 2009 : 09:17:24
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i could take VOLUNTARY redundancy (AROUND 25 grand) i owe him around 30grand )payed him over 90 grand,anytime in the next 3 years but wondered if my agreement stood after br,
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 30 April 2009 : 15:27:56
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His agreement will not stand after Br as this will be a provable debt.
Potentially if you could get a redundancy of 25k there may be other options regarding the debt solution other than bankruptcy. Have you investigated them?
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
http://www.revivauk.com
Real People ..... Real Debt Solutions
www.revivauk.com |
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m88
Junior Member
159 Posts |
Posted - 30 April 2009 : 16:41:43
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my house has gone already, have no other assets ,if i dont go bankrupt (not getting any grief from business creditors) what happens to agreement in future if i take redundancy thanks in advance
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 30 April 2009 : 18:20:42
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The agreement will fall into the Br as will all other debts.
However if you take redundancy now and go Br later you will need to explain to the OR what you did with the money, when and why.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
http://www.revivauk.com
Real People ..... Real Debt Solutions
www.revivauk.com |
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m88
Junior Member
159 Posts |
Posted - 30 April 2009 : 18:32:17
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what happens if i take redundancy ,but never go br ,can he still try to claim his debt , sorry to be a pain cheers
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 30 April 2009 : 19:46:17
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Hi
if you don't go Br then if you have an agreement in place then this is a debt as with the other business debts and therefore any of the creditors can pursue you at any time for the outstanding amount.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
http://www.revivauk.com
Real People ..... Real Debt Solutions
www.revivauk.com |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 30 April 2009 : 19:49:06
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Hi m88
did you have a business with your daughter and has she now declared Br?
just trying to put the pieces together as everything has an impact on the way forward for you
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
http://www.revivauk.com
Real People ..... Real Debt Solutions
www.revivauk.com |
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m88
Junior Member
159 Posts |
Posted - 30 April 2009 : 20:32:12
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yes
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i had a written agreement to pay any redundancy/
