How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Ash Your Own Question
Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
75100385
Type Your Law Question Here...
Ash is online now

I was given 4 watches to pawn on behalf of my employer last

Customer Question

I was given 4 watches to pawn on behalf of my employer last may as the pawn brokers would not accept him as he was in arrears for other agreements with them. The money received was paid into his company bank account. He has not been able to pay the money to retrieve the watches. The pawn slip is in my name and i have now had a visit from bailiffs over a debt I have no way of paying them can they take a pawn slips and is the pawn slip and therefore the goods pledged considered an asset to me ? i have separate impending bankruptcy proceedings against me if i sign over the pawn receipts back to the person that gave me the watches could this be classed as me having disposed of an asset to avoid payiing my debts ? the pawn brokers are now going to sell watches at auction. if they do my ex boss has stated that he will launch legal action to recover the monies he says he will lose ? can he ?
Submitted: 2 years ago.
Category: Law
Expert:  Ash replied 2 years ago.
Alex Watts :

Hello my name is ***** ***** I will help you with this.

Alex Watts :

For now please let me know how much the watches are worth?

JACUSTOMER-i5uv7w7b- :

he feels in excess of 60,000 but my research indicates around 35-40000 the debt at pawnbrokers is now 22000

JACUSTOMER-i5uv7w7b- :

hello ?

Alex Watts :

Hi sorry about that I was travelling

Alex Watts :

Ok, why dont they just keep the goods if they were pawnbroked?

JACUSTOMER-i5uv7w7b- : Thts ok thought was problem my end ! Because they say the 6 month agreement expired in nov and they wish to sell it at auction to get their money back
Alex Watts :

Ok, but I dont get if they have the watches why dont they just sell them>

JACUSTOMER-i5uv7w7b- : Thts wat they want to do sell them... But any profit thry make they keep and me and my ex boss get nothing so my main query is are they my asset as the agreement is in my name if they my asset I'm worried I have future probs if I am seen to be disposing an asset ahead of impending bankruptcy if I assign rights to the watches over to him ... He will then pay the 22k to get watches out of shop
Alex Watts :

Ok, but its his asset but you signed the agreement?

JACUSTOMER-i5uv7w7b- : Yes he had to give me the watches to pawn I signed the agreements and in my sole name
Alex Watts :

But if he had pawned the watches wouldn't he be in the same situation? Not able to afford repayments

JACUSTOMER-i5uv7w7b- : Yes to an extent but he claims he can pay the money outstanding but my concern as stated is are the watches technically an asset to Me and wud it be seen as disposing asset
Alex Watts :

Ok, what he can do is seek an injunction. He would need to complete form N1

Alex Watts :

http://hmctsformfinder.justice.gov.uk/courtfinder/forms/n001-eng.pdf

Alex Watts :

And N16a

Alex Watts :

http://hmctsformfinder.justice.gov.uk/courtfinder/forms/n016a-eng.pdf

Alex Watts :

You are asking the Court for an order to stop them selling it.

Alex Watts :

The court will send the other side a copy and set the matter down for an initial hearing.

Alex Watts :

At that point the Judge will see if the matter is contested, if it is it would be given directions and set down for a trial. In the meantime the Judge will decide whether to make an interim order

Alex Watts :

If the Judge makes an order and they disobey it, then they would be in contempt of Court and could be warned, fined or sent to prison

Alex Watts :

Can I clarify anything for you about this today please?

Alex Watts :

If this answers your question could I invite you rate my answer before you leave today.


If the system won’t let you please click reply.



Please bookmark my profile if you wish for future help: http://www.justanswer.co.uk/law/expert-alexwatts/

JACUSTOMER-i5uv7w7b- : I do not feel you have answered my questions regarding whether or not the watches are my asset ad the Owen ticket is in my name and as to whether I can legally dispose of them with fear of future problems if a bankruptcy court next month may believe I released an asset to avoid paying creditors
Alex Watts :

If you signed then it is YOUR asset.

Alex Watts :

You can dispose of them, you signed the agreement.

Alex Watts :

Does that clarify for you?

JACUSTOMER-i5uv7w7b- : Perfect thanks very much
Alex Watts :

Great. If I could ask you to rate before you go today so the site credits me for my time

Alex Watts :

Thanks

JACUSTOMER-i5uv7w7b- : Have done
Ash and other Law Specialists are ready to help you
Expert:  Ash replied 2 years ago.
Thanks!

Related Law Questions