| Author |
 Topic  |
|
Richard.ht
Starting Member
11 Posts |
 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. |
|
|
Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 14 March 2010 : 12:17:32
|
Hi
Welcome to the forum,
On the first points the OR has access to almost everything! They have access to HMRC details, VAT details, the Land Registry and the list goes on.
In essence the OR will do a search against your DOB, NI number and that should find all they need!!
I suggest that honesty is best policy - I am not preaching or making any judgment - far from it - but if you anyone tries to conceal, they will be found out.
Certainly, on a sale three years ago, they will be able to find.
They also have access to bank details and can search whereever they need to!
I do wish you well, Richard
"There are no problems - only solutions" |
 |
|
|
debtinfo
forum expert
2826 Posts |
Posted - 14 March 2010 : 13:31:52
|
As housing says they can pretty much question anyone that appears to have information about you. Not unheard of if the person is not co-operating for a trip to there property, speak to the neighbors, speak to the employer, family and friends. remember every financial account you have is on the credit agencies reports. They can employ tracing agencies if you dissapear. If you risk taking assets abroad with you they can apply for the court to seize your passport.
of course all of these are unusual steps reserved for un-cooperative or evasive bankrupts, if your honest with them you should get on just fine. |
|
|
|
Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 14 March 2010 : 14:25:19
|
Hi Richard HT
debt info and Housing are correct in honesty best policy
3 years ago when you hypethetically sold the property, did you sell it for market value, if not i take it that you have a reasonable explanation to the price that you sold it at. (quick sale reduced price job rellocating separation etc ) so unless it was rediculously low you should not have an issue.
if you have had a significant windfall in the last twelve months, is it enough to be able to negotiate a full and final settlement with your creditors ?
I was lucky (?) enough to have a very small windfall before i went bankrupt. it was a very small fraction on the amount i owed so would not have been able to negotiate a settlement. I put a large % aside for the official receiver, purchased some essential school clothing for my son (did not realise how much they grow betwen 12 - 14 years)
I have declared to the OR the windfall and explained why i have spent a small %
I know some people will say that i should have given the whole amount to the OR but i had not purchased any clothes for my son for about a year, his feet had grown 3 full sizes, his trousers appeared at half mast and his football shorts just about fitted on one leg. They were not designer clothes or branded articles just standard clothes that fitted. ( i was that worried about doing wrong I have kept the smaller itens to show the OR)
regards Richard |
|
|
|
Bridgewood
Junior Member
United Kingdom
222 Posts |
Posted - 15 March 2010 : 09:31:26
|
Hi Richard
It's difficult to advise without specific information, but, in general terms if you sold a property three years ago there shouldn't be an issue as long as it was sold for a fair market price. (if it was sold at less than its value to a relative of yours there may be an issue, but otherwise there shouldn't be a problem)
The only thing the OR will want to know with regard to the property proceeds, and any windfalls you've had, is what you did with the money - they won't want it to the nearest penny, but will need a rough explanation where it went and what you did with it.
It's only an issue if, at the time, you knew you had financial problems but used the money to cruise the caribbean for a month (for example) rather than paying off your debts. If you didn't have financial problems at the time you spent the money I wouldn't worry too much about it.
And, as other posters have said, honesty with the OR is always the best policy. Non-disclosure and non-co-operation is often considered as a serious issue by the OR's office and could result in your discharge from bankruptcy being suspended |
|
|
|
Richard.ht
Starting Member
11 Posts |
Posted - 15 March 2010 : 12:53:42
|
Thank you for your answer,
can you tell me a littile more, Iam at the moment in an IVA and have been for 1 year.
I am now faced with a pearsonal dept against me for £22,000.00 due to a company i was a director of going in to liqidation.
I have limited assets, however i have an asset which the IVA Allowed me to keep worth 4,000.00 a Vehicle and have also been given a car by my dad since in the IVA, if this is not reg in my name how will the OR find out about it if you dont tell him ?
Richard
|
|
|
|
Daniel Griffiths
Junior Member
United Kingdom
268 Posts |
Posted - 15 March 2010 : 13:12:18
|
| The vehicle your dad gave to you not registered in your name is not an issue here what is an issue is that you are in an IVA now facing a further £22000 of debt. First priority is to call your supervisor who needs to advise you what next, depending on your IVA it may be possible to include the debt into it, or the IVA may fail but your supervisor is the only person you should be talking to at present. |
|
|
|
Richard.ht
Starting Member
11 Posts |
Posted - 15 March 2010 : 13:51:38
|
ok thank you. I have been in contact with them and am awaiting there reply.
i just was not sure whether this person could send me in to bankruptcy and take me out of my IVA with out them knowing
|
|
|
|
Bridgewood
Junior Member
United Kingdom
222 Posts |
Posted - 15 March 2010 : 14:02:41
|
If you become liable for a debt which wasn't owed at the time the IVA was approved, it wouldn't usually be part of the IVA, and most IVA's would not normally allow a debt of £22,000 to be introduced post approval as it would reduce the funds available for everyone else
Any creditor not bound by the IVA can petition for your bankruptcy without regard to the IVA, and you need to keep your supervisor informed so he can let your other creditors know if anything changes |
|
|
|
Daniel Griffiths
Junior Member
United Kingdom
268 Posts |
Posted - 15 March 2010 : 14:44:22
|
| There is nothing stopping them trying to make you bankrupt however rule 6.42 (2A) should stop them from doing so as the court will tell the supervisor if a bankruptcy hearing is listed to allow the supervisor to deal with the creditor not bound by the IVA. Again await information from the supervisor. |
|
|
|
Richard.ht
Starting Member
11 Posts |
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
|
|
|
|
Daniel Griffiths
Junior Member
United Kingdom
268 Posts |
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 |
|
|
|
Bridgewood
Junior Member
United Kingdom
222 Posts |
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 |
|
|
|
Richard.ht
Starting Member
11 Posts |
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
|
|
|
|
Daniel Griffiths
Junior Member
United Kingdom
268 Posts |
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
Starting Member
11 Posts |
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,
|
|
|
|
Topic |
|
Can you tell me how the courts find information
