Who pays the zakah on a debt?

Question:
His other question says: For about five years, I have been borrowing from a certain person until the amount in my debt reached approximately fifty thousand pounds. Is it obligatory for me to pay its zakah, or does the owner of the debt pay its zakah?

Answer:
The zakah on debts that a person owes is the responsibility of the owner of the debt, not the debtor. The zakah is on the one to whom the debt is owed. If the money he borrowed has been spent on his needs and is no longer in his possession—meaning he spent it on his needs, for example, buying a car to use for his needs, using it as a taxi, buying land for residence, buying furniture for his house, or something similar—then there is no zakah on it. However, if the debts are with him in their original form, meaning he took them as a loan but the money remains with him, the currency is present, and he has not spent it, then zakah is due on it if a lunar year has passed. He pays the zakah if a lunar year has passed.
As for the owner who lent it to him, this is looked into. If the one who owes the debt is wealthy, the owner also pays its zakah. If he is unable to pay or is delaying payment, then there is no zakah on it as far as the owner is concerned.
As for the one who took it and borrowed it, the matter is as mentioned above... The zakah is on the lender if the lender is wealthy and not delaying payment. It is obligatory for the lender to pay its zakah if a lunar year has passed. Yes.

The presenter: May Allah bless you.