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IF I AM TOO BROKE TO PAY SOMEONE, WHAT CAN THEY DO TO ME ?.

By Editor



Musajjakambwe is a proud man, he drives a Mpenkoni (Landcruiser V8) and does not greet or give lifts to anyone. He owns many acres of land with fat milk-filled cows and a barbed-wire fence. He has four wives and 17 children with a mansion for each one. His neighbours do not like him at all. 

Rumor has it that Musajjakambwe borrowed money and that is why he sold some land off and people from the town are always visiting and shouting at him for money. The other day some money lenders who Musajjakambwe had to pay came demanding for their money and it was discovered that even if all his assets were sold, he would not be able to pay his debts. Musajjakambwe wants to know what is next.

 

WHAT DOES THE LAW SAY? 


If it is true that Musajjakambwe cannot pay back his loans, then the creditors can just take him to court and ask that the court make an order that says that Musajjakambwe is too broke to pay his debts (bankrupt). In the law, this action is known as a creditor’s petition. 

 

In this matter, the lenders(creditors) explain to the court that Musajjakambwe is not able to pay them. As a result of this, the court will ask Musajjakambwe to explain why he should not be declared bankrupt. If the explanation is not good enough, the court may declare him bankrupt and appoint someone to take over the management of his property and pay off all the money lenders (creditors) by selling off all his property.


📷:Unsplash

#BarefootLaw

#osutayusuf

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