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Mike62
Starting Member
United Kingdom
31 Posts |
 Posted - 13 August 2011 : 12:53:05
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Hi all,
Just to outline the situation, we are now discharged..Yay!...no IPA, we didn't even get a SOA to fill in so we are now moving forwards with our lives.
On one of our BTL properties, our previous management company hold two months worth of rent (Prior to the LPA being appointed) which was declared to the Reciever but NOT collected by them over the last year. The Mortgage on the property is in Credit and we are looking very likely to get the property back this month as the Building Society is OK with everything.
The previous Managent company (Not the LPA) won't release the rental money back to us, so my question is.... Is this our money now or does the Reciever still collect it even after discharge with no IPA?.
Regards, Mike. |
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debtinfo
forum expert
2826 Posts |
Posted - 13 August 2011 : 16:22:56
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| No the money due from the rent will forever be due to the trustee of the bankruptcy if the lpa receiver does not collect it, it is one or the other but not you. The only way that would change. Is if the trustee disclaims their interest or sells it back to you. |
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Mike62
Starting Member
United Kingdom
31 Posts |
Posted - 13 August 2011 : 18:52:47
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Thanks for the answer Debtinfo. I'm still a little unclear about the Trustee situation though. He didn't have an interest in the property originally...The Building soc appointed the LPA reciever, who is now withdrawing as we are ready and able to take the property on again.
Do you mean if the Trustee "disclaims his interest" in the house or the rental money held?, I guess the LPA people won't be taking it as they are now out of the situation, and with the Trustee not being involved in it at all I'm still confused as to who will end up claiming it if we can't?.
It's still sitting in our original managers bank account at the moment, surely he won't be able to keep it?.
Thanks, Mike.
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debtinfo
forum expert
2826 Posts |
Posted - 13 August 2011 : 19:24:45
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| If you owned the property at the date of the bankruptcy then your interest automatically transfered to the trustee of the bankruptcy |
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Buy to Let rental money question
