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Widge
Junior Member
United Kingdom
118 Posts |
 Posted - 21 April 2011 : 18:02:21
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Hello,
The OR had a meeting of creditors yesterday. I heard nothing so I called and asked about any developments. They said that "Bridgewood Financial" has been appointed as my IP. I then called Bridgewood but the gentleman who will be dealing with me had gone home and won't be back until Tuesday.
All I wanted was some sort of insight into wha happens next and how to prepare myself? The lady on reception was very polite but I could only speak with Mr X for security reasons.
QUESTIONS:
Has anyone had dealings with Bridgewood Financial?
What will they want from me?
What are they going to do?
How are they going to resolve anything?
Who is paying for them?
Thanks,
Widge xxx |
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debtinfo
forum expert
2826 Posts |
Posted - 21 April 2011 : 18:21:45
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Hi Widge, i would leave it a couple of weeks to start with, before the meeting, the IP will only have very sketchy details such as a list of assets and creditors. Now that they have been appointed the OR will "handover" most of your case file to them but this takes a little time and at that point they can review all the details and start making some decisions.
You will have exactly the same responsibilities to theis IP as you would have had to the OR if they had been trustee, what the trustee can and cannot do is covered by the same laws that govern the OR, although where there are choices to be made open to interpretation they might make a slightly different one, but generally they are doing the same job.
I presume that if they had a meeting there is an asset of significant value in your case, their general remit is to realise these assets in one way or another and del with any other assets and deal with credtors.
They get paid out of any assets they recover, so you cant be left with a bill, they either recover enough assets or they dont get paid
If you have any other questions feel free to ask |
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Widge
Junior Member
United Kingdom
118 Posts |
Posted - 21 April 2011 : 19:18:55
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Thanks for the reply debtinfo,
The only asset I have is a jointly owned house with my ex husband which he has taken over through a court order as part of the divorce settlement.
I guess the IP will consider it unfair that he takes it all and leaves me with nothing.
Any ideas how this will pan out? This is dragging on so much I can't put on a cheerful face anymore :( |
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debtinfo
forum expert
2826 Posts |
Posted - 21 April 2011 : 19:39:45
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If he lives in it then i would try and put it behind you, it doesnot really affect you and you need to start getting on with your life, the trustee will get on with doing what they need to
But if you want to know what MAY happen then, when was the divorce, how much equity upon transfer, was the divorce contested by either side or simply agreed by you and stamped by the court |
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Widge
Junior Member
United Kingdom
118 Posts |
Posted - 22 April 2011 : 10:03:54
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Hi,
As part of the divorce settlement my ex still owes me £10,000. This was part of a Court Order which was reluctantly agreed fter lots of to-ing and fro-ing between solicitors. The order was simply stamped by the court.
I will come away with nothing apart from a £30k (£20k which I used to pay off a portion of my debts accrued during the marriage, and the £10k outstanding).
There are two houses involved:
I am joint motgagee on 1 house, he is the name on the deeds. I payed the mortgage on that property during the marriage but since he has taken over payments. The property is cuttently rented out. Mortgage £96k, house value about £210k.
The second house I am joint mortgagee and have 50% interest in the deeds. It was agreed that once he paid me the £10k owing I would come off the deeds. This property is also rented out. Mortgage £156k, house value about £270k.
I now pay nothing towards either property (but have paid a considerable amount in the past)but I know from communication from the respective banks that he is in arrears on the first mortgage and the second he barely manages.
How would the trustee see this. There is, of course the £10k that they can definitely recover, but would they be able to get their hands on anymore of the equity to pay off my £40k of debt?
I would be more than happy for them to do so, as from my point of view I think I have not been treated fairly. I only agreed to his rubbish offer because the stress was making me ill and I thought he may as well have it all if thats what he wants!
Widge x |
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debtinfo
forum expert
2826 Posts |
Posted - 22 April 2011 : 11:27:28
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As you say the £10K is the easy bit, it is owed to you and so is now owed to the bankrptcy, simple as that
Presuming that the settlement was within 5 years they will almost certainly try to get the settlement overturned as it seems (without owing all the information) that the settlement was grossly unfair to you. Another important factor is that for them to try and overturn it the debts needed to have existed at the point of the settlement. IE the settlement made you insolvent.
It is always a tricky area as the trustee is efectively telling the court that they were wrong to make the decision in the first place (which obviously does not make friends of the judge). If the judge simply stamped your settlement then it is easier than if it was contested and the judge had made the decision at the time to make that settlement (in that circumstance it is nigh on impossible to get it overturned unless you uncover something that the judge did not know at the time) |
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Widge
Junior Member
United Kingdom
118 Posts |
Posted - 22 April 2011 : 11:51:33
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That is how I see it also. All facts crrect and at the time of the settlement I was off sick on half pay and later became redundant. My solicitor said that my existing debts couldn't be factored into the equation as they were only interested in the assets.
I know it will be very stressful going over all the old stuff again but if they can overturn the settlement it will be much fairer in the long run. Even though the ex won't see it that way! Look at it this way, before we married I owned my own property (bought for £42k) and sold it (for £54k)left debt free to venture with him. If I still had it I would be sitting in a mortgageless property worth around £160k!!! I sound bitter, don't I? But I think I should be so there!!! |
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RHB
Senior Member
1159 Posts |
Posted - 22 April 2011 : 12:37:24
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It is never just merely stamped in court as the judge that stamps it can call you in if he feels it to be unfair to one party.
It isnt beyond the bounds of possibility for the trustee to take it to court to try to get the order overturned BUT it would be unlikely unless it was seen as a deliberate way for you to transfer your assets to avoid paying your creditors. |
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Widge
Junior Member
United Kingdom
118 Posts |
Posted - 22 April 2011 : 14:49:31
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| Oh well I shall have to wait and see how things transpire. It's all in the hands of the trustees now anyway and all I can do is help them out as much as I can. I can do no more now, so now I'll sit back and try to enjoy the day. Got my veg seedlings transplanted out this morning, so at least I should be able to save some money this summer on fresh salad and veg (unless they impose a 'compost curfew' and stop me buying compost - now that would be a disaster)!!! |
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Meeting of Creditors
