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tim1010
Starting Member
16 Posts |
 Posted - 16 December 2010 : 12:47:05
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Hi,
I was AD last week. Now I got a letter from OR that my discharge will suspending. Reason is, that I had payed back a private loan to my uncle. But a year before I was made bankrupt. I had sold my house and the asset of the sold I had used for buying a new kitchen, refurbished my new accommodation and to pay back the private loan. I don´t know whats wrong in that matter. Why it should be a problem to pay back a loan one year before I had decided to made my self bankrupt ? At this time I had sold my home , I had no financial problems. My girlfriend leaved me and my home got to expensive to live there alone. That was only the reason I had sold it.
What´s now happend on my interview with the OR next week ? What will he do. Why was it a mistake to pay back a 10 year old private loan ?
Please help me and give me advice. |
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RHB
Senior Member
1159 Posts |
Posted - 16 December 2010 : 14:30:19
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| If you weren't insolvent at the time, no but what on earth happened a year later that made you need to declare bankruptcy? |
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tim1010
Starting Member
16 Posts |
Posted - 16 December 2010 : 16:40:05
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quote:
Originally posted by RHB
If you weren't insolvent at the time, no but what on earth happened a year later that made you need to declare bankruptcy?
A fiscal harm caused by my tax advisor :-( |
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debtinfo
forum expert
2826 Posts |
Posted - 16 December 2010 : 19:02:13
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Just to be clear you were insolvent for the purpose of asking for the money back if you had more debts than you had assets.
So by that measure were you insolvent at the time of the transfer |
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Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 17 December 2010 : 00:55:57
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Hi Tim,
A few weeks ago you posed a question to the forum, supposedly from a "friend", which was:
a friend, also bankrupt, has a problem.
He got a letter from a insolvency examiner. He has sold his sole owned house more than 1 year before he has declared bankrupt. Now the Examiner would like to know how many creditors he had at the time he has sold the house. The problem is, at this time he had some creditors but the reason to sell the house was, that his girlfriend leave him and the house was to big and to expensive for him alone. He sold this house and got a financial excess of about 25.000 pounds. He uses this 25.000 pounds to find a new home and he needed new furnitures and so on. He has send this details to the OR. But now the Examiner would like to see the business assessment of his company in 2008. He do not have this assessment because the tax accountant (also creditor) do not want to give him the needed informations.
The other problem is, that he has on the time of selling the house some debts, but the selling was not concerning this debts. He do not know how he can explain it to the examiner ! What can happen if he can not prove that the selling had nothing to do with the debts and bankruptcy and that he has used the financial excess for himself and not to reduce his debts ?
Is it possible that the OR cancel the bankruptcy proceeding or do he get a restriction ?
From reading your current post, the question was about yourself, and from reading it,it is no surprise that the OR has obtained either a SOD(suspension of discharge) or a BRO, as by selling the property you put the asset beyond the reach of creditors, and you improved the position of the Uncle or relative you owed money to, by paying them back.
Therefore,if you want to minimise the effect of any further action by the OR, you should fully co-operate with him, as the most likely reason a SOD has been obtained, is that you haven't been fully co-operative with him/her, or a trustee if one has been appointed.
Big Al
Insolvency examiner with the Insolvency service from April 2008 - July 2010.
If you need help completing SOA's(statement of affairs) or PIQ's(preliminary information questionnaire) if you've been declared bankrupt, or anything else and you're within 30 miles or so of Warrington, then please contact me via my contact details in the expert page for futher details"
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Discharge suspended - Need advice please
