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Are my possessions/assets safe?

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Linda.ln
Starting Member

1 Posts

Posted - 01 April 2010 : 14:25:12

My son(age 33) lives with me. He has a IVA but may soon lose his job and have to be declared bankrupt. Are my possessions/assets safe?

Raph
Starting Member

United Kingdom
5 Posts

Posted - 01 April 2010 : 16:04:33

1) Please visit this link. http://www.insolvency.gov.uk/insolvencyprofessionandlegislation/legislation/uk/insolvencyact.pdf

2) This links you to the Insolvency Act of 1986 which governs bankruptcy/IVA law as they are both insolvency solutions.

3) Take a look at section 283, subsection 2 of this act.

4) Once you have read it you will see that not only are your household posessions safe.... so are his :)

I hope this helps.

Regards
Raphael Gilbert

**Contact details removed - please don't advertise on the forum**

Edited by - Skippy on 01 April 2010 16:15:35

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