Bankruptcy proceedingsgreenspun.com : LUSENET : Repossession : One Thread
Can I be made bankrupt (by Curtis/RSA in this case) if, as is my case, the MIG claim is statute barred ? I understand any alleged debt under MIG will still exist even if it is time-barred but does that automatically prevent bankruptcy proceedings ?
-- Mike (email@example.com), August 06, 2004
You cannot be made bankrupt for a statute barred debt. If you are served with a statutory demand, you need to apply to have it set aside. Ask the court or a CAB for the necessary forms. There is an application form and an affidavit form that goes with it.
On the application form there is a list of the grounds upon which you can apply to set aside the SD. Your ground would be a denial of liability for the debt as it is statute barred. On the affidavit you explain why the debt is statute barred, i.e. the relevant dates, and that you have not acknowledged or made a part payment within the last twelve years (to the MIG or the shortfall debt).
If it is too late to apply to set aside the SD you can still oppose the making of the bankruptcy order on the same grounds - relevant form available from the court.
Hope this is helpful
-- Guy Skipwith (firstname.lastname@example.org), August 07, 2004.