| T O P I C R E V I E W |
| winnie28 |
Posted - 19 February 2009 : 16:07:11
My partner was part of a project in which he and a friend built a house some time ago and for other reasons in sept 2001 transferred his joint interest in the property into his friends sole name.He was made BANKRUPT in April 2007 and has recieved his certificate of dishcharge in April 08 and today they have written asking for explanation as to why the property was transferred at nil consideration? as the dates are outside of 5yrs is he still obliged to do this? and have they got valid reason to show interest in this property? They are also showing interest in some assets of his. PLEASE can anyone help, I am desperately trying to tie this up and dont want to be recieving theses letters willie nillie, surely there is a cut off for this?
Many Thanks
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| 10 L A T E S T R E P L I E S (Newest First) |
| Melanie.n |
Posted - 20 February 2009 : 12:29:28
In my humble opinion you would be better off speaking to the OR to see what they have to say before incurring leagl costs talking to a solicitor
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
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| winnie28 |
Posted - 20 February 2009 : 12:25:10
Hi Melanie
Ok thankyou for your advise I will take onboard everything you have said and think maybe we should seek legal advice.
Many Thanks again..
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| Melanie.n |
Posted - 20 February 2009 : 12:04:58
If you re read my first response first, ....If petition presented 8th March 2007 the five year period dates back to 8th April 2002 - if you have documentation to proove that the transfer did in fact take place prior to that date - documentation would need to be produced to verify this such as legal transfer of title or evidence fron land registry to show date of transfer. If you cannot proove this transfer took place at the said date in 2001 by evidence such as stated documentation it is imperitive your husbands speak to the OR and perhaps also takes legal advice. Together with is explanation as to why it was indeed transferred at 'nil value'
In answer to your question have they 'got vaild reason to do this' only the OR can explain that one to your partner - It fully depends on what information they already hold concerning the transfer and why they are looking into it.Your partner has to speak to his OR in order to receive a full explanation, and also to comply with their investigation into the matter.
I am sorry to be unable to help further it is a matter which needs to be resolved between your partner and the OR
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
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| winnie28 |
Posted - 20 February 2009 : 11:43:43
Hello Melanie
Thanks for your advise.
I have called the court as they OR said they NO longer have the file in the department.
The court has advised me that the petition was made to court on the 8th March 2007 and the bankruptcy order made against him on the 20th April 2007.
Does this mean that they have no reason to be looking into this property and showing any interest?
Many Thanks
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| Melanie.n |
Posted - 20 February 2009 : 10:00:06
Unfortunately it does all depend on when the creditor presented the petition to the Court - when you speak to the OR ask them for the date it will be clearly on the petition and original bankruptcy order. If the property was transferred within 5 years of the pettion date they have every right to make enquires as the 5 years is relevant leading up to the date of the petition NOT the bankruptcy date. if you do not wish to ask the OR this give the court a quick ring they'll be able to tell you in an instant
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
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| winnie28 |
Posted - 20 February 2009 : 09:57:17
Hi Melanie
All the paperwork states is that on the 20th April 2007 a bankruptcy order was made against you. This to us shows that they really should have no interest in this other property and have no reason to as my partner has no interest in it. Surely If we make contact with these people we are going to be at a disadvantage as we will not Know if what they are requesting is correct and acceptable? How would one find this out?
Many Thanks
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| Melanie.n |
Posted - 20 February 2009 : 09:44:18
The order should state bankruptcy order being made on the petition of...filed on....
The best and only advice i can give you is that your husband needs to contact the person who sent the letter and ask them to explain clearly why they are doing what they are doing. It is only the OR's who can answet your queries as i do not know the full facts of the particular case. General queries are no problem but specific matters really can only be answered by the relevant person in the ORs office who will have the file in front of them. Ask them
Sorry if this is not the response you were expecting but only the OR's can give your husband that
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
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| winnie28 |
Posted - 20 February 2009 : 08:55:30
Sorry Melanie
How would I actually find out the actual petition date? I only have paperwork here with the actual bankruptcy ORDER date?
Thanks
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| winnie28 |
Posted - 20 February 2009 : 08:48:32
Thanks Melanie
He was made bankrupt by a company (totally unreasonable, too late to do anything though) the bankruptcy order was made against him on 20th April 2007. I believe the house was put into the other persons name due to my partner being self employed and would not get mortgage deal like the other person. Re assets they are asking for detials of vehicles which he had but they are writing as if he still has, however one was sold over 2yrs ago and the other was stolen. They are alsp asking about some shotguns which he has, and they have asked for cheque of £200 by return of post, or the will send agents around?? surely this is not acceptable?
Please Help me, I feel so alone in all this and I am trying to protect my home and my our baby girl. I just dont know when this is going to end...
Many Thanks
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| Melanie.n |
Posted - 20 February 2009 : 08:12:53
Hi there
I have done a bit of reading to enable me to deal with your query - can you tell me whther or not your husband filed his own petition or in fact a creditor made him bankrupt. I ask this as this is very relevant..and to quote the Insolvency Act 341(1)(a) in the case of a transaction at an undervalue, at a time in the period of 5 years ending with the day of the presentation of the bankruptcy petition on which the individual is adjudged bankrupt.
If your husband was made bankrupt by a creditor, it is important you look at the original bankruptcy petition/order to check the date the original petition was presented. If the petition was presented for example August 2006 and the resultant bankruptcy order made April 2007 the property would have been transferred within the 5 years.
Can I also ask why was the property transferred at nil value? and what 'other assets' are involved?
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
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