I have been made personally bankrupt and own a property, my family home, (in my sole name) with equity of nearly £250k. The Insolv Pract has stated that because the house is only in my name, that my wife is not entitled to any claim on the equity. We have been married for 11 years and have two young children. The property is our family home which we have lived in for 5 years and is the only property we own. The IP has stated that next year the house will be sold to pay off creditors (circa £230k) but I really want to know if my wife has any entitlement to claim. Alex.
Hi, This is a gig area which has been driven by case law in recent years, here is some information from the OR on how they would deal with it, have a read through. The key point is that the onus is on her to prove she has an interest not the IP who can assume that they have 100% until proved otherwise
Hi, I think the relevant case law is Burns v Burns and Gissing v Gissing, which were claims in divorce, but the same judgements in each case can be applied in bankruptcy.
I take it the IP was appointed by the court on bankruptcy, at the request of a main creditor.
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"
I have been made personally bankrupt
Posted - 19 December 2010 : 15:56:12
