Hi everyone

A friend of mine lend CAD $30,000 to a friend. (no legal proof for lending), recently the guy who borrowed the money from my friend sold his house and called my friend and handed a bank draft worth of CAD $ 70,000 which is from his lawyer trust (after all mortgages and rest of the liens paid - the real networh of the house) asked him to deposit in my friend account ( Draft was taken in my friend name) take his 30k from it and give the rest back. He deposited cashed and gave the rest of 40k in cash by small amounts whenever he requested) .
Less than three months afterward the guy (borrower- who sold the house) declared bankruptcy.
The problem is now, My friend received a letter from the trustee to pay back all 70k back to the trustee .

What he can do now, and what is my friends legal right here? Could they come after him and sue him ,if he don't pay that?

Please repond

Your friend needs to contact an attorney, the law regarding bankruptcy have changed. He may pay to repay.

Since you said $70,000 CAD, I take it that this is in Canada.

There is something called the 2 year rule. Basically, if someone gives away his assets within 2 years before declaring bankruptcy, then the courts can order a reversal. That is, on extraordinary stuff.

You might be able to keep $30,000 of it, but pay back $40,000. You might have to give back the $30,000.

Talk with a lawyer.

Odds are you lawyer will negotiate for you and you will come to a settlement which you only give back X amount of the $30,000.

Talk with a lawyer.

But, you might be able to keep the entire $30,000.

Get a GOOD lawyer.