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working1960
Starting Member
4 Posts |
 Posted - 20 January 2011 : 17:37:37
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| My parents were made bankrupt in Nov 2009. I would like to know if anyone could tell me if my parents have to confirm the reasons for three payments paid to my brother inlaw following the sale of their property in 2005. This is a full 4 years before their bankruptcy. They are being continually written to by a firm of Solicitors who are acting on behalf of the Reciever demanding the details and reasons for these payments. |
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debtinfo
forum expert
2826 Posts |
Posted - 20 January 2011 : 18:00:24
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| Yes they do |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 20 January 2011 : 18:15:34
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The OR seems to be chasing a lot of old transactions involving property and land.
They are looking to see if transaction was below market value and if preferential treatment has been given to a creditor.
4 Full years is a long time.
I would speak to one of the experts on this, lots of negative implications if answered in accuratly
Richard |
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working1960
Starting Member
4 Posts |
Posted - 20 January 2011 : 18:42:50
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| Thanks for replying, will take your advice and speak to the experts on the forums. |
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Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 21 January 2011 : 00:20:52
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Hi working 1960,
If the OR was looking at this for misconduct then 4 years is considered old, as anything over 3 years is considered stale and generally won't get investigated, unless it's linked to more recent transactions.
If it's to do with recovering money from a TUV(transaction at an undervalue), it'slikely that a trustee has been appointed to deal with it.
But as debtinfo stated they do have to answer those questions, as part of co-operating with enquiries.
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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working1960
Starting Member
4 Posts |
Posted - 23 January 2011 : 13:44:16
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Hi Big Al
Thanks for your comments. When my parents were declared bankrupt it was in Nov 2008 and not 2009 as I previously stated.
All the details regarding the sale of their home in 2005 was given to the OR. The house was sold at market value which they have proof to my sister and her husband. As the property had land to the side of the home they built a 2 bed extension (granny annex) which my parents live in. My parents contributed a total sum of £62,000 which was payed in 3 instalements towards the cost of the extension. Most of this money was on interior fittings, plumbing, electrics, kitchen, bathrooms and new furniture to fit in the new home.
As already mentioned the OR has full knowledge of all details and payments.
Any more advice from yourself regarding this matter would be much appreciated.
Working 1960 |
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RHB
Senior Member
1159 Posts |
Posted - 23 January 2011 : 19:08:58
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| Was planning permission on the land included in the valuation when the house was sold to your sister? |
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Payments made 4 years before bankruptcy
