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| T O P I C R E V I E W |
| Richard.ht |
Posted - 14 March 2010 : 12:10:02
Can you tell me how the courts find information on what assets you own, and a sale ! can we say three years ago, how would you have known at that time you may have had to go bankrupt. also how do the courts find out of any winfulls you may have had in the last 12 months. |
| 15 L A T E S T R E P L I E S (Newest First) |
| Richard.ht |
Posted - 16 March 2010 : 19:11:45
Thank you that makes a lot of sence now, i was not trying to hide anything and as they say will be truthful about any thing i am asked by the OR.
However the money that was left me is no more and the bank account closed. when asked if i have a bank account now the answer would be yes, but this would not be the one closed. you are right i did not do with the money what i should have done but it really would have made no differance if i had put it into the IVA.
I spent a good deal of it on paying back rent arrears that was owed by myself for the company biulding, that i was trading from as a director before that company went in to liquidation. and has now left me with personal gurentees to pay back when you look back at it this may look like i did not use money in the right way.
This is what i am worried about what the OR will do along with other things that do not look quite right.
so i now no that it is best to tell it how it is and take the rap, Thank you all Rich
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| gettingoutofdebt |
Posted - 16 March 2010 : 12:01:34
The OR can, and more than likely will, find out about this bank account. They will also discover the money that your mother left to you and will want to know why this was not given to your IVA IP.
In a best case scenario you tell the truth, declare the bank account and the money your mother left you and the OR investigates the issue. As to whether they take any further action (BRU, etc.) will depend up on the OR, your case and whether you have been completely honest.
In an 'average' case scenario you don't declare the bank account or the money your mother left you. The OR finds out and delves very deeply into your financial background. You would probably end up with a BRU unless you can somehow, wriggle out of the fact that you haven't been completely honest.
In a worst case scenario you don't declare the bank account or the money your mother has left you. The OR discovers the bank account/money, decides that you have lied and not mentioned these things on purpose in order to hide them from your BR, considers this to be fraud and you will face criminal prosecution for fraud.
It is pretty obvious from the title of this thread and your questions that you are looking to hide the bank account/money from the OR despite what people here have advised you. I would suggest you think long and hard about your situation and the advice you have been given here before considering BR. |
| Jane.l |
Posted - 16 March 2010 : 08:31:56
If you were left money whilst you were in an IVA, this would have been a windfall and you should have handed it over to the IVA, were you not told of this??? |
| debtinfo |
Posted - 16 March 2010 : 08:28:56
you had your anwser previously and that is to be honest with the OR. Since you cannot accept this i will not be commenting on your thread anymore |
| Richard.ht |
Posted - 16 March 2010 : 07:33:20
Thanks for all your answers however i stilol need to know about what the OR wiil think about the bikes, For the past two years i have been racing bikes for the company i work for, which is in the famaly, however two of the bike have been registerd in my name for insurance purposes, they have now been transferd back into the company name that i work for. as its looks like i may have to go BR how will the OR look at this, or now that i am not on the log book will it not make any differance. as the log book dos not mean you are the owner. i have also spent a fair few pounds on races this year from money that my Mother left me. as i could not do a lot with it as i was in my IVA. By the way it was not enough to buy i IVA off. I have also closed the bank account that it was in any way. Can the OR find this old bank account,
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| chester2005 |
Posted - 16 March 2010 : 02:07:06
Bankruptcy Restriction Undertaking
a BRU extends the period of BR restrictions ie. not being the director of a Ltd Co no credit over £500 without the lender knowing you are BR or have a BRU etc
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurhman)
RevivaUK and Paul Johns helped me through it all i can't recommend them enough!! |
| Richard.ht |
Posted - 15 March 2010 : 22:25:44
What is a BRU ?
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| Richard.ht |
Posted - 15 March 2010 : 22:24:18
It was not gambling it was racing fees/tyre/bike spares/ and a lot of money. it costs a lot of money to race, and you need sponsers as well.
i am just worried that the OR may think the Bike are mine.
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| Housing |
Posted - 15 March 2010 : 21:38:51
Hi
When you say a "fair few pounds"... on gambling - what do you mean in real terms? The OR can deem gambling to be unacceptable and you could receive a BRU after investigation for this - but if it was the "odd flutter" I am sure you will be OK.
At the end of the day even a BRU is not the end of the world. It would normally make little or no difference to your discharge.
Good luck, Richard
quote:
Originally posted by Richard.ht
Hi again.
Sorry to keep on but i have to make a dission soon, and there are still things i need to know if any of you know the answers.
For the past two years i have been racing bikes for the company i work for, which is in the famaly, however two of the bike have been registerd in my name for insurance purposes, they have now been transferd back into the company name that i work for. as its looks like i may have to go BR how will the OR look at this, or now that i am not on the log book will it not make any differance. as the log book dos not mean you are the owner. i have also spent a fair few pounds on races this year from money that my Mother left me. as i could not do a lot with it as i was in my IVA. By the way it was not enough to buy i IVA off. I have also closed the bank account that it was in any way. Can the OR find this old bank account,
"There are no problems - only solutions" |
| Richard.ht |
Posted - 15 March 2010 : 21:05:52
Hi again.
Sorry to keep on but i have to make a dission soon, and there are still things i need to know if any of you know the answers.
For the past two years i have been racing bikes for the company i work for, which is in the famaly, however two of the bike have been registerd in my name for insurance purposes, they have now been transferd back into the company name that i work for. as its looks like i may have to go BR how will the OR look at this, or now that i am not on the log book will it not make any differance. as the log book dos not mean you are the owner. i have also spent a fair few pounds on races this year from money that my Mother left me. as i could not do a lot with it as i was in my IVA. By the way it was not enough to buy i IVA off. I have also closed the bank account that it was in any way. Can the OR find this old bank account,
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| Daniel Griffiths |
Posted - 15 March 2010 : 18:16:29
Hi Richard you may be right see what the supervisor says the exposure of the personal gurantee should have been outlined in the proposal the creditors should have been aware of it. |
| Richard.ht |
Posted - 15 March 2010 : 16:50:21
Thank you for all your advice, it may be better just to file for bankruptcy and be done with it.
Richard
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| Bridgewood |
Posted - 15 March 2010 : 15:19:33
These are matters that your supervisor should be able to answer for you, but in general terms, assuming the £22,000 debt is for a personal guarantee on a limited company liability that you have now been called upon to pay, and if this debt was outstanding at the time the IVA was approved, it may be arguable that it was a contingent liability of yours at the time, and may be included in the IVA (in the same way that if you owed a mortgage on a property at the time, and was paying it on a monthly basis as normal, but then the house was sold and there was a shortfall on the mortgage, this would be part of the IVA)
However even if this could be argued, and the creditor accepted the argument (which may not be the case based on your previous post), most IVA proposals have clauses in them which require the supervisor to go back to creditors if the total claims exceed the original estimates by a certain proportion, and it would then require your creditors to be prepared to accept the additional creditor.
Common sense says that if this was still better for creditors than bankruptcy, your creditors would agree to it, but sadly common sense doesn't always apply in these cases.
You should chase up your supervisor for help on this matter ASAP |
| Daniel Griffiths |
Posted - 15 March 2010 : 15:00:50
This cannot be answered without full sight of your IVA proposal, if its one creditor £22000 then its unlikley they can be included at this stage, however it would be unfruitful to issue bankruptcy proceedings against you while the IVA is in force |
| Richard.ht |
Posted - 15 March 2010 : 14:48:23
Thank you for your reply.
So if My IVA was to except this debt and put throught, would the person claiming the £22,000. have to except that and go in with all thye other creditors, or would he still be able to put me in to bankruptcy.
Becouse this person seams to have a personal vendeta against me and will not stop, i think all he wants is to see me go Bankrupt.
I just need to know, can my IVA stop him if they except him in ?
Richard
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