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| Joe.so |
Posted - 18 September 2010 : 10:38:30
hi ive been given a chance to buy back an asset during my bankruptcy which ends next year. the asset (van) is worth £3000. i dont know what O R will accept as settlement. any ideas on this kind of situation |
| 2 L A T E S T R E P L I E S (Newest First) |
| Bigal4787 |
Posted - 19 September 2010 : 09:53:10
Joe.so
in relation to your van,is it the only vehicle you have, and if so is it in relation to your work?
Additionally are you self employed, as if you are then depending on the OR, it could be made exempt from the proceedings, as if you didn't have it,then it would deprive you of the opportunity to have an income and so contribute to an IPA.
As a guide here is an extract from the technical manual used by the OR:
Whether or not a vehicle is exempt property is in some cases a difficult question. In such circumstances, official receivers will need to use their discretion and consider each case according to its merits within the guidelines issued to official receivers.In all cases official receivers should apply the guidance strictly and rigorously. It is for the bankrupt to convince the official receiver that any motor vehicle is necessary within the exemptions. The value of the vehicle is not a determining factor.
Therefore, if the vehicle is NECCESSARY for your work, and is not just for convenience then the OR should be able to exempt it,it's worth asking.
Big Al |
| Reviva UK |
Posted - 18 September 2010 : 11:24:44
The official receiver is looking to achieve a fair price for the van.
They work on trade prices not retail proces. So if your van would retail at 3k it is probably worth 2k in the trade.
check on Parkers Guide what the trade price is and then see if it is worth you making an offer. You can certainly make a modest offer because the OR has also to think about the cost of collection and sale.
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
08454 751 851
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