| T O P I C R E V I E W |
| newstart |
Posted - 05 November 2009 : 20:51:34
I have been informed by RTLU that my file is now being passed onto a insolvency practioner only after three weeks from them recieving it from OR.There is no equity on the property yet i have been told that the practioner was appointed on the behest of one of the creditors.
RTLu advised me that all investigation by them and OR had been finished and this new IP would be dealing with the assets, so what happens now?.Will i be interviewed by these people..surely they are private organisation and i should only speak to the OR.What can they achieve?
Really worried that they will want to turn every stone and reopen my file at the OR..
please advise? |
| 15 L A T E S T R E P L I E S (Newest First) |
| debtinfo |
Posted - 06 November 2009 : 22:55:04
Thats why it is unusual, if there are no assets they dont get paid. The OR gets paid first, followed by the IP followed by creditors so i cant see why the creditor would push for an IP. How much is the property in negative equity by. Is there any chance that a generous valuation would show any equity |
| newstart |
Posted - 06 November 2009 : 22:47:33
How does this IP get paid for his services? Is he paid by the creditor..which would be wrong because it shows bias or does his fees come from the proceeds.If he does research and finds no assets that can be realised,who pays him for that work? |
| debtinfo |
Posted - 06 November 2009 : 22:36:35
Its not usual but its not unheard of. You could just ask for an explanation to start of with and see what they say |
| newstart |
Posted - 06 November 2009 : 22:16:04
So is it possible to see my file and to see what was said to the creditors..Is this a usual thing to ask for ..I mean will it annoy them and then human nature takes over, and they get their backs up becuase of me challenging them and become public enemy number one for questioning them.That would be the last thing I want to do. |
| debtinfo |
Posted - 06 November 2009 : 22:04:10
I dont know what they would be looking for, maybe the creditor thinks you have something that you dont, another common reason is if you have given any assets away in the last 5 years or prefered (repaying in preference to others) a friend or family member) These are just guesses. |
| newstart |
Posted - 06 November 2009 : 21:56:43
quote:
Originally posted by debtinfo
The IP is not there to investigate your conduct but to look for assets. If he does come accross anything amiss he should report it to the OR to ivestigate. The OR can reopen the investigation at any point. Although the IP is appointed by the creditor there are strict rules on what the IP can report to creditors.
I used to be an examiner at the OR's office and you had to be very carefull what you put into creditors reports. For example if someone was bi polar or something like that you would just state that the bankrupt was unable to work due to illness etc etc
When you say look for assets..If there is only the car and the house what else can they be looking for.Is not not simply jsut looking at the equity and realising whats there? |
| debtinfo |
Posted - 06 November 2009 : 21:30:46
The IP is not there to investigate your conduct but to look for assets. If he does come accross anything amiss he should report it to the OR to ivestigate. The OR can reopen the investigation at any point. Although the IP is appointed by the creditor there are strict rules on what the IP can report to creditors.
I used to be an examiner at the OR's office and you had to be very carefull what you put into creditors reports. For example if someone was bi polar or something like that you would just state that the bankrupt was unable to work due to illness etc etc |
| newstart |
Posted - 06 November 2009 : 21:14:30
I might just do that..but just one quick question..does the duty of investigation of my bankruptcy still fall with the O.R....I am happy to help the IP with any questions on my property and realisation of assets(not that there are any) but if he has questions regarding my conduct or other issues should I ask him to go through the O.R.As he is from the private sector I am not keen on divulging issues to him wHich may get back to the hostile creditor.If the IP recieves my file and it says that the investigations into my affair have been concluded..Does he have the power to go back into them ? |
| debtinfo |
Posted - 06 November 2009 : 20:44:13
You could ask to see your file, you do have a right, and ask to see which creditor asked for the appointment of the IP and how there proof of debt was submited and on what basis the appointment was made. There should be a form in the file detailing how and why the appointment was made |
| newstart |
Posted - 06 November 2009 : 20:41:05
No personal guarentees were given,and the liquidator that was appointed decided there were no assets in the business.
Any help? |
| debtinfo |
Posted - 06 November 2009 : 20:35:11
did you have a personal guarantee, was the company liquidated and did the IP apointed to the company ask for the money to be paid back to the company. Is this debt more than 50% of the total debts |
| newstart |
Posted - 06 November 2009 : 18:17:55
Today i discovered that it was infact a trade creditor who inistigated this.Yes a hostile trade creditor..!!This trade creditor filed a ccj 5 months into my bankruptcy.claiming that the trade debt to my limited company which was liquidated prior to my bankruptcy should be turned into a personal debt as the directors were at fault.I sent the ccj back(which incidentally came from the same court as my BO) saying that i refute the allegations and nevertheless i was bankrupt.No judge has adjudicated in favour as i cant see my name appearing on any ccj register(dont know how long it takes to update) and also i rang the court office and although i did not have my claim number they could not find the claim under my address nor my name.How can this creditor who does not appear in my BO and does not have a claim/personal gurantees etc be able to instigate this and from what i have been told has appointed the IP.Surely this is wrong.Plus if this IP is appointed by the creditor does this not compromise his position.The OR and RTLU have told me that all investigations have been concluded satisfactorily and all this IP should be doing is following the IP guidelines in relation to the assets(in neg equity)..But i smell something sinister!!I have been set up? Should I complain?To who?As there is no equity and I dont have a secret mansion tucked away in the bahamas is it worth it with only 4 months to discharge.?I do feel angry about this but what can i do?
please any advise |
| In 2 Deep |
Posted - 06 November 2009 : 12:54:59
It would seem that the creditor who as requested the appointment of the IP, must see something that you used credit for which can be sold, and funds released for payback to this particular creditor.
Is there goods etc which you posses, where you used this particular creditor who as requested the IP?assignment
Treat EVERY Penny as a prisoner. |
| debtinfo |
Posted - 05 November 2009 : 23:29:54
They are now the trustee in bankruptcy and so you have to cooperate with them, they will look at assets but not usually conduct |
| newstart |
Posted - 05 November 2009 : 21:03:57
quote:
Originally posted by In 2 Deep
Hi Newstart and welcome.
Do you have any assets such as car etc. where equity can be realised for your creditors?
quote:
Originally posted by newstart
I have been informed by RTLU that my file is now being passed onto a insolvency practioner only after three weeks from them recieving it from OR.There is no equity on the property yet i have been told that the practioner was appointed on the behest of one of the creditors.
RTLu advised me that all investigation by them and OR had been finished and this new IP would be dealing with the assets, so what happens now?.Will i be interviewed by these people..surely they are private organisation and i should only speak to the OR.What can they achieve?
Really worried that they will want to turn every stone and reopen my file at the OR..
please advise?
Treat EVERY Penny as a prisoner.
MY PETITION HAD THE CAR VALUED LESS THAN £2000..PROBABLY NOW EVEN LESS..OR NEVER ASKED ME ABOUT IT FROM THERE ON |
