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Ash, Solicitor
Category: Law
Satisfied Customers: 10914
Experience:  Solicitor with 5+ years experience
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I am currently involved in a civil damages case with a former

Resolved Question:

I am currently involved in a civil damages case with a former friend after an altercation occurred between us during which I damaged several of his teeth. He is now seeking damages for the required dental work and pain and suffering. I received a suspended sentence as a result of my actions after pleading guilty, and am obviously very remorseful about them.

My question is this: assuming that a judge orders me to pay damages, which I think could be as much as £5000 for dental work and perhaps another £10000 for pain and suffering, what assets can be claimed from me in order to pay this debt?

As it stands, I have the £5000 just about in savings, but am nowhere near to having the £10000. I have no house and only an older car. What I do have though are 40% of the shares in a business that I help to run.

Whilst difficult to sell as I am not the majority shareholder which would put off an outside buyer and my business partner does not have the funds or desire to buy me out, they do none the less have a value as the company has assets.

Can I be forced to sell my shares to cover the debt?
Submitted: 2 years ago.
Category: Law
Expert:  Ash replied 2 years ago.

Alex Watts : Hello my name is XXXXX XXXXX I will help you with this. Please note that I am a working Solicitor and may be on and offline as I have to attend Court and meet with clients, even at weekends. As such you may not get an instant response when you reply, but rest assured I will be giving your question my immediate attention upon return You do not need to wait here as you will get an email when I reply. P
Alex Watts : The claimant can take steps to enforce it.
Alex Watts : They can apply for a freeze on the bank account or the £5000
Alex Watts : They could apply to charge your shares which means you can't sell them and if you did the proceeds would go towards the debt.
Alex Watts : You could possible be forced to sell the shares.
Alex Watts : Any assets you have could be liquidated or they could make you bankrupt.
Alex Watts : I am sorry if this is not the answer you want and certainly not the one I want to give you, but I have a duty to be honest
Alex Watts : Can I clarify anything for you about this today please?

Hi There, thank you for your response. UNder what circumstances could I be forced to sell the shares, and such an action take into account the difficulity of doin so, and that as a result of this difficulty I am very unlikley to get true market value for teh shares.

Alex Watts : It makes no difference the claimant can make an application and your shares are charged with the debt.
Alex Watts : If they make you bankrupt, on that day the shares transfer to the official reciver.
Alex Watts : The fact that it is hard to sell or undervalued makes no difference.
Alex Watts : If you owe the money the claimant makes an application and the court makes an ordrt.
Alex Watts : order
Alex Watts : I am sorry
Alex Watts : Can I clarify anything else?

No, I think that covers it, thank you

Ash, Solicitor
Category: Law
Satisfied Customers: 10914
Experience: Solicitor with 5+ years experience
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