Procedure in case money not been returned by the friend

I had taken 2lc from my friend for business and I have paid him a lot of intrst and my business was in loss so I closed down the business I don't have money to give him back now I am gng for job. What can I do now?

Answers (2)

125 votes

As a borrower you dont have to approach the court in the first instance. Let him approach court. in first instance. your information is insufficient with respect to weather business is proprietorship or partnership or a company. As because business is treated separate legal entity under the law. therefore i advice you the give the full details on the subject matter. hypothesizing incidence based on your information. the defense can be taken that one
1 that the business was closed or dissolved because of creditors interference in my business.

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324 votes

You can file a Pauper suit [Insolvency] stating that you have no means to pay.But you will be disqualified for holding any legal positions or you will not be eligible for loan once you are declared as insolvent by a competent court of law.

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