Hi there, I was made bankrupt nearly 3 yrs ago (6th June 05). My ex wife was made bankrupt the following January in an unrelated matter. My name is still on the deeds of our old house which my ex wife still lives in, I have not lived there since 2000. The trustee (who is handling both cases) is going to court on 3rd June (next Tuesday) for posession of the property.
Their drive by valuation of the property is way in excess of its value as they have not taken into account structural problems with it which have made re-mortgaging it impossible. i have serious doubts they will cover their costs and have advised them of this. I also have queries with the amount owing to my creditors.
My question is this - is there anything to be gained by making the court aware of this at the hearing or is posession just a formality at this point?
Under the 2002 Enterprise Act which came into effect in april 2004, the OR/Trustee has a maximum of 3 years in which to deal with assets such as property on a "use it or lose it" basis. Given the problems with the property and the inflated valuation, I would recommend getting a full professional valuation done and take it to court with you.
is posession just a formality
Posted - 28 May 2008 : 23:26:18
