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Albert.87
Starting Member
1 Posts |
 Posted - 26 September 2010 : 21:22:31
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| I am planning on going bankrupt due to a non paying client of 5000 pounds. i am a self employed builder and i am taking 6 weeks sick and going bankrupt, i own a van worth about 6000 that i bought with my credit card and i need that for buisness, i own a car on finance but that is my daughters name i just pay for it, what will happen to my daughters car? she needs this for work. |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 26 September 2010 : 21:58:16
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Hi Albert
The non paying client will probably be the last straw but there are probably several other aspects that have impacted your decision to pursue Br. Economic climate, etc etc
You are entitled to retain a vehicle for work, however it is highly unlikely that you will be able to keep a 6k van. it is usual to retain a 2 - 2.5k vehicle.
also regarding the car that is on finance - as the financi is in your daughters name then it is her responsibility - it would be quite difficult to justify the cost of a car plus the running of a van.
I would really encourage you to take advice from one of the site experts so you can understand the process and what will happen with trading names, bank accounts, debtors, taking of deposits in the future and a number of other important things that will impact you.
the experts will be happy to have a chat and that will put your mind at rest.
kind regards
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
08454 751 851
Real People ..... Real Debt Solutions |
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Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 30 September 2010 : 09:52:22
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Albert,
Van -
At £6,000 the OR is likely to want to claim that in bankruptcy, but what they do is realise it as an asset, then give you £2,000 for the purchase of a reasonable replacement. However, when I say give, what generally happens is that you identify the vehicle you want then the OR or his agent will pay the vendor, procedures vary from one OR to another.
As for your daughters car, is the finance agreement in your name?
Can you provide more details of your business as a self employed builder, as by the sounds of it you're not a sub contractor.
Insolvency examiner until July 2010, contract ended due to cost cutting!
Big Al |
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Going bankrupt due to a non paying client
