Areas of Law / Debt matter

I lent a friend £5,000 more than ten years ago, but he still owes me more than half of it. He runs a small service garage from rented premises and doesn’t appear to have much apart from tools and the like. How can I get the rest of the money? What would happen if he shut up shop?

If you think your friend’s business is so unprofitable that he’s likely to close it down at the first sign of pressure you should probably give up on the idea. But if he’s working and owns his own house or car he should be able to raise this amount from a loan if he doesn’t have it to hand. Warn him that you intend taking out a money claim; anyone in business would prefer to avoid having a County Court judgment against their name if possible.

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