Hi busy and welcome to the site. You will never be alone here - there is always someone prepared to help, even if it is just to give a little moral support.
You are duty bound to chase the debt, clearly with the assistance of your IP, but if the party who owes the money cannot pay then there does not seem to be much point in pursuing it at the moment. Do they own a property at all with equity in it?
I think that you need to keep your IP fully informed of all steps to collect and receive these monies, and if anything is eventually received get clearance to spend the money first.
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
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