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pm.e
Junior Member
180 Posts |
 Posted - 10 May 2011 : 00:09:09
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I dont know if any experts on here can help with this one, it is a bit complex!
My understanding is that creditors are not entitled to charge interest on a secured debt after bankruptcy occurs?
For example, ch40 of the insolvency technical manual...
What legislation allows creditors to just sit on their security...? |
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Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 10 May 2011 : 16:04:33
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What is your example, in this question?
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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pm.e
Junior Member
180 Posts |
Posted - 10 May 2011 : 16:55:32
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Well, all debts, whether they be secured or unsecured are in fact included in bankruptcy..... The law is pretty clear with that....
What is not clear, is where a secured creditor does not realise his asset, what legislation allows the creditor to just sit on their security and what for property prices to increase.
This is especially important, where there is negative equity, and of course on the petitioners statement it does in fact set out the total amount of debt outstanding on the security....... |
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pm.e
Junior Member
180 Posts |
Posted - 10 May 2011 : 17:24:49
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SECTION - 322 Proof of debts. .
(1)Subject to this section and the next, the proof of any bankruptcy debt by a secured or unsecured creditor of the bankrupt and the admission or rejection of any proof shall take place in accordance with the rules..
(2)Where a bankruptcy debt bears interest, that interest is provable as part of the debt except in so far as it is payable in respect of any period after the commencement of the bankruptcy.
(3)The trustee shall estimate the value of any bankruptcy debt which, by reason of its being subject to any contingency or contingencies or for any other reason, does not bear a certain value..
4)Where the value of a bankruptcy debt is estimated by the trustee under subsection (3) or, by virtue of section 303 in Chapter III, by the court, the amount provable in the bankruptcy in respect of the debt is the amount of the estimate. |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 10 May 2011 : 18:07:19
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pm.e
I can't see what you are getting at here. Are you looking into going bankrupt?
You seem to know an awful lot about the procedure.
Double, double toil and trouble;
Fire burn, and cauldron bubble.
Jan
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 10 May 2011 : 18:16:28
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I don't see where this is leading. The forum can give general advice but for anything case specific you will need to take specialist advice.
View my blog at http://skippy13.blogs.iva.co.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
Last IPA payment made on 28th June 2010 - it's over at last! |
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pm.e
Junior Member
180 Posts |
Posted - 10 May 2011 : 18:23:43
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after all I have been through over the last five years, I probably know more about BR and the Insolvency Act that any "expert"
I dont mean to be rude, its just that you would not believe the rubbish advice that I have been given, and they only way I sorted it out myself was to pick up the Insolvency Act 1986 (all 444 sections), Insolvency Technical Manuals (83 chapters of it), Bill of Sale Act 1878, 1882 etc... just to name a few....
I have also nearly sorted out a Bill Of Sale, that I was told by a Barrister, and three solicitors that was not void - to be void, and dont even start me on unenforceable loan agreements yet......
Thats my rant over with.... it feels better now I have typed all of this!!!! |
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RHB
Senior Member
1159 Posts |
Posted - 10 May 2011 : 18:30:41
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Maybe it would help the forum if you explained what problem you had & how you sorted it out?
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 10 May 2011 : 18:32:00
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Unfortunately the vast majority of our posters will have given up whilst reading all the whys and wherefores of the Insolvency Act.
The forum gives general advice and can point posters in the general direction of an expert. This is normally all that is required.
Double, double toil and trouble;
Fire burn, and cauldron bubble.
Jan
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 10 May 2011 : 18:49:40
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RHB is right, no one can help you if you don't explain what the problem is.
View my blog at http://skippy13.blogs.iva.co.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
Last IPA payment made on 28th June 2010 - it's over at last! |
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I dont know if any experts on here can help
