I'm owed money from the sale of a business several years ago. Quite a lot of money. The sale price included terms for vendor finance for about 40% of the total. Terms were interest rates the same as the bank's commercial rates (8.27%) with ten year P&I. The lease covers renewal terms well past the end of this time. Repayments were going well for about two years. They started getting late but for nearly 12 months they have stopped completely. The owner (who has a lot of experience in this business, and can run it a lot better than me) has said that the market has dropped- I've confirmed this. I have been in touch with him periodically. $5k per month for 12 months is a big hole in my income- especially as this was supposed to be my survival money while I worked in my startup. Rents provide some income, but not enough to cover expenses. The loan is to a company, probably with a trust involved. The loan however has been secured by personal guarantee. My understanding is that he is trying to sell this and a couple of other similar businesses, but that he won't get anywhere near the price he paid for them. Banks hold the other part of the finance for the business, of course, they get first priority over me. The latest I have been told is that he is "seeking advice". This worried me as it may well be a step towards bankruptcy. I did offer him a $50k discount to settle the amount before June, but apart from acknowledgement of the offer, there has been no move in this direction. The solicitor who drew up the contract tells me that a barrister will be needed from the word go to pursue legal action. I'm not sure why. I know that he has substantial property assets in his super fund but presumably these are inviolable. I'm not sure what assets he has in his personal name, but considering his strong financial background (MBA) there's probably not much. So I don't know if it's worth while suing, or if this is a "blood out of a stone" situation.