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How can I recover money from nephew when he does not have any asset


13-Jun-2023 (In Recovery Law)
I am a guarantor in my nephew's loan. After years of court battle I have decided to settle the matter with the bank. I am aware that I can sue my nephew for the amount of the money that I pay to the bank towards his loan settlement. The issue is he doesn't have any asset or money on paper. Now if I sue him and if he doesn't have any money (officially) to pay me, what happens then? Please guide.
Answers (1)

Answer #1
731 votes
once payment is made by you as guarantor of loan you can sue the principal debtor to recover the amount paid by you to the bank 2) you can obtain decree against the nephew and if he does not pay take out execution proceedings for attachment of his property . if debtor does not have any assets you can seek his arrest in execution proceedings 3)you can also take proceedings to declare him as an insolvent under provisions of insolvency act
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