Can creditors ask accountants for financial information?
I am a beneficiary of a trust which loaned someone money, he isn't interested in repaying right now that the loan term is up as he is in a lot of debt but has a lot of assets. Ideally I don't want to go to court to get a Bailiff to seize assets, but at the same time we haven't been given any information about his value of assets for security. Are accountants required by law to reveal financial information to their clients' creditors? Or do I need to get my lawyer to contact him?
- babyboomer1001Lv 76 months agoFavorite Answer
You had better involve your lawyer. The accountant is not going to breach his client's trust, for anyone. At least an honest and honorable one wouldn't.Source(s): Certified Paralegal, with 25+ years' experience.
- EvaLv 46 months ago
Accountants are not required (and it fact are specifically barred) from releasing financial information to anyone without a specific written request from the client or a court order. Having your lawyer contact them will have no effect unless he/she is able to obtain a court order for the information. You will have to file suit and get a judgement to have any hope of collecting.
- A HunchLv 76 months ago
You are a long way from getting his assets seized.
You have to go to court. If it's over your state's small claims amount which it sounds like it is, it will likely be 6 months or more for there to be a trial.
- then he hasn't to lose.
- after he has lost, you have to give him a period of time to pay, probably 90 days.
- finally you can start collecting asset information to get a seizure.
- JudyLv 76 months ago
no they do not unless it's court ordered
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- Anonymous6 months ago
No need too. They can ask the deadbeat himself via court papers. Ignore them or lie and go to jail for CONTEMPT OF COURT.