| T O P I C R E V I E W |
| jane26031970 |
Posted - 13 December 2010 : 13:41:44
My fateher passed away in November 2007. Inhis will he left me a third of the fields he owned.I had to go bankrupt in August 2008 due to misguided information regarding my mortgage. I got confused about the land as I thought that until it was in my name, it wasn't actually mine, I was grieving for my father and having a traumatic time having to go bankrupt therefore I didn't put it down on my bankruptcy form.Am I in trouble? I have now had an offer to buy my share of the fields, but don't know how I go about this if at all. I was discharged from bankruptcy in August 2009. Can I sell the fields and if so, how do I go about this regarding land registry |
| 15 L A T E S T R E P L I E S (Newest First) |
| jane1970 |
Posted - 17 December 2010 : 13:33:55
Thankyou so much for the advice and guidance. Much appreciated |
| debtinfo |
Posted - 16 December 2010 : 19:00:41
The OR would usually prefer to sell it to your brothers as that is quick and easy to do. In theory the OR can sell it to anyone but that would probably mean more expenses so if they have a ready made willing buyer that usually who they would ask first, Just remember to tell them that the brother wants to buy it |
| jane1970 |
Posted - 16 December 2010 : 14:57:49
Thanks for the advice, are there any circumstances where they would not allow my brothers to purchase the fields? Will the OR provide an official valuation? If they deem the land (which is only arable)to be worth only a few thousand, will they still require that money ? Where does that money then go to? Does it go to the government? If my brothers don't buy the land, and they cannot sell it to anyone else, what happens then?
Thanks
Jane |
| Bigal4787 |
Posted - 14 December 2010 : 00:06:04
Hi Jane,
Unless your Dad left the land under a protective trust, the trustee(in this case the OR)can claim your share under the bankruptcy.
However, as debt info has stated, members of your family could buy out your interest for the benefit of the bankruptcy estate, meaning it wouldn't be in the hands of a stranger.
However, the sale would have to be conducted under what is known as arms length, i.e. the sale would have to be conducted by a third party so as to get as realistic a price as possible.
Big Al
Insolvency examiner with the Insolvency service from April 2008 - July 2010.
If you need help completing SOA's(statement of affairs) or PIQ's(preliminary information questionnaire) if you've been declared bankrupt, or anything else and you're within 30 miles or so of Warrington, then please contact me via my contact details in the expert page for futher details"
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| jane1970 |
Posted - 13 December 2010 : 16:49:32
Thank you for the advice. I will speak to my brothers and tell the OR. |
| debtinfo |
Posted - 13 December 2010 : 16:45:51
The option is that your brother buys them from the OR, then the OR gets the money and the fields stay in your family.
I need to make it absolutly clear though that if you dont tell the OR then you are breaking the law and that can come with severe consequences |
| jane1970 |
Posted - 13 December 2010 : 16:24:30
Thanks BigAl,
The land is still in my dads name at this stage. I have been disharged from bankruptcy for 16months so there are no forms to fill in, but thanks anyway. I just don't know what to do for the best. I really don't want to lose the fields and have some stranger buy them, I just want to be able to sell them to my brothers who can make use of them, but not get into trouble at the same time. |
| Bigal4787 |
Posted - 13 December 2010 : 16:15:37
Hi Jane,
what's happened here is a fairly common mistake, and by the fact that you're seeking advice indicates that there was no intention on your part to put assets beyond the reach of creditors.
Mitigating factors are that you had just lost your Father, and dealing with bankruptcy.
The other factor to be considered, is whether the land is registered or unregistered, as it does affect the options that the OR has in dealing with the land.
So it is not bankruptcy fraud, as your mental state at the time of bankruptcy was such you honestly believed that at the time you weren't the legal owner of that share of land.
Big Al
Insolvency examiner with the Insolvency service from April 2008 - July 2010.
If you need help completing SOA's(statement of affairs) or PIQ's(preliminary information questionnaire) if you've been declared bankrupt, or anything else and you're within 30 miles or so of Warrington, then please contact me via my contact details in the expert page for futher details"
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| jane1970 |
Posted - 13 December 2010 : 16:10:07
If I just waited until the 6 years have passed and the record of my bankruptcy has gone, would I still be in trouble if I sold them. Could anyone official find out ? It is only my brothers that want to buy the remining share. I really don t want to lose the fields and have them sold to a nobody. My dad only lived for those fields.It would break my heart to have them sold beneath me, particularly as it wasn' directly my fault that I had to go bankrupt.This was all a genuine mistake and not only have I had to go bankrupt, I am now still in a mess because of the fields. Is there any possible way for me to keep the fields and be able to sell them to my brothers without the OR being involved. This would break my dads heart as well if he knew |
| debtinfo |
Posted - 13 December 2010 : 15:53:40
They may sell them, It would depend on their value, but it is a probably yes |
| jane1970 |
Posted - 13 December 2010 : 15:41:11
Will they sell my share of the fields to go to the OR or will I be able to keep them |
| debtinfo |
Posted - 13 December 2010 : 15:03:54
no they wont it is a simple misunderstanding of the rules, I would simply give them a ring saying you did not realise at the time but it has been brought to your attention that you should tell them so you are, as simple as that |
| jane1970 |
Posted - 13 December 2010 : 14:59:20
What is the best way to present my case to them. What exactly should I write. I am so worried in case they class it as bankruptcy fraud. |
| debtinfo |
Posted - 13 December 2010 : 14:56:59
If you tell the OR now before any harm is done then there should be little if any consequences |
| debtinfo |
Posted - 13 December 2010 : 14:55:52
You must tell the OR about the fields first, you are comiiting an offence if you do not |
