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dragonspark
Starting Member
United Kingdom
1 Posts |
 Posted - 03 April 2011 : 14:36:46
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i was declared bankrupt in 2000.
in 2001 i entered into an agreement with my cousin where i had an option to purchase a property after three years. i did not exercise this option, i was contacted by the official reciever, by phone enquiring about the property, i told them at that time i was in no position to purchase the property, i heard no more or had any other contact except my discharge from bankruptcy in 2003, if i now purchase the same property now can the official reciever have a claim on it |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 03 April 2011 : 17:12:54
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Hi and welcome.
As your BR is over then you should be ok to purchase this property.
Double, double toil and trouble;
Fire burn, and cauldron bubble.
Jan
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debtinfo
forum expert
2826 Posts |
Posted - 03 April 2011 : 18:29:35
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| does the option to buy signed in 2001, offer you any reduction in the price of the house or any preferential treatment |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 03 April 2011 : 19:25:06
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Forgive me for being a bit thick, but would it not be over by now?
Double, double toil and trouble;
Fire burn, and cauldron bubble.
Jan
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debtinfo
forum expert
2826 Posts |
Posted - 03 April 2011 : 19:55:57
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| not necessarily, there are many differnt types of assets in a bankrutcy and an option on an asset could be an asset in itself, some assets nowdays have time limits on them such as an interest in ur family home has to be dealt with within 3 years, but other assets persist indefintly until they are sorted by the trustee |
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debtinfo
forum expert
2826 Posts |
Posted - 03 April 2011 : 19:56:38
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| not saying this is the case BTW, just covering all angles wih little info to go on |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 03 April 2011 : 20:21:48
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Could be subject of a BRU - hadn't thought of that1
We do need more info from the OP.
Double, double toil and trouble;
Fire burn, and cauldron bubble.
Jan
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 04 April 2011 : 00:01:01
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ALso the rules for Br were different in 2000.
Br lasted 3 years and had a number of different ways of dealing with property and timeframes.
In terms of an option to purchase. It is possible that if you had an option to purchase property at a discount over market price then this would be classed as an asset - similar to a share option
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
08454 751 851
Real People ..... Real Debt Solutions |
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i was declared bankrupt in 2000.
