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bill.hy
Starting Member
1 Posts |
 Posted - 24 April 2010 : 10:18:42
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Hello,
I was made bankrupt in June 2006. I had split with my wife some years before and at that time. I owned a field where she kept her horses. I had a professional valuation done on the land and sold the land to her sone 2 years before I knew anything about the bankruptsy. She took out a mortgage on her house and paid me the full price.
She has called me today to say that someone is at the gate of her land and when questioned, said that they were doing a valuation of the land for the accountancy company that were dealing with my bankruptsy.
The sale was nothing to do with the bankruptsy and it is now almost 4 years since it took place.
Can you please advise me about what to do.
I thank you in advance.
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debtinfo
forum expert
2826 Posts |
Posted - 24 April 2010 : 10:46:35
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| have you spoke to your IP, They may just be checking that you did indeed sell it for a fair price, Any asset that you disposed of in the last 5 years to an associate would be of interest to he trustee. If as ou say you sold it for a fair price then you will have nothing to worry about, I presume that you completed all the correct paperwork at the time to transfer the land |
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Bridgewood
Junior Member
United Kingdom
222 Posts |
Posted - 26 April 2010 : 08:58:51
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Hi Bill
As debtinfo says, the trustee can go back up to 5 years to review your asset sales (especially to a connected party as your ex wife could be classed)
If it was sold to her for a fair value and all the paperwork was done properly there shouldn't be a problem. Also, if you were solvent at the time, and were still solvent afterwards, it shouldn't be a problem.
If the trustee's valuation comes out differently to yours, it will come down to an argument between valuers, and in my opinion a valuation carried out at the time must carry more weight than one done two years after the event.
Please post back if you need any further assistance
Bridgewood specialise in helping people deal with their debts and make the most of their financial situation - providing free, no obligation debt advice.
We can also setup a complete range of solutions including debt management plans, IVA and bankruptcy support. |
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sale was nothing to do with bankruptsy
