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Debra.kr
Starting Member
1 Posts |
 Posted - 28 June 2012 : 06:28:33
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| Who seizes luxury items such as art, jewelry and vintage furniture? Someone appointed by the court? Do they just come in your home and take what they want? How do they know what things are worth? |
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debtinfo
forum expert
2826 Posts |
Posted - 28 June 2012 : 06:45:56
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| The Official Receiver has an Agent who specialises in valuation and auctioning |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 28 June 2012 : 07:06:48
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Hi Debra,
If you have any of those things and they are valuable, then you will need to list them on your statement of affairs.
Debtinfo has answered your question regarding who visits.
Have you taken advice yet regarding your situation and options? If not, I suggest you contact an expert on here or visit your local CAB.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 28 June 2012 : 08:33:46
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Not that I am advocating hiding anything at all but, if you did not list anything valuable, would the OR be likely to find out?
Ascend may you find no resistance
Know that you made such a difference
All you leave behind will live to the end
The cycle of suffering goes on
But memories of you stay strong
Someday I too will fly and find you again
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year 2029
Average Member
590 Posts |
Posted - 28 June 2012 : 10:39:57
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It is your duty to disclose valuable items.
If you haven't gone bankrupt already, you can sell the items to realise more money. Items sold at auction can attract ally less money than the item is actually worth.
You would then have to declare when and who you sold the items to, and what you did with the money.
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Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
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year 2029
Average Member
590 Posts |
Posted - 28 June 2012 : 10:42:41
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To answer Niobe,
You could lie and hide items.
However, if you do that and get found out, you will probably be subjected to a BRO, not released after 1 year and a criminal record.
Its not uncommon for members of the public to inform the OR that the bankrupt has items they've not declared.
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Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 28 June 2012 : 10:48:54
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I have heard of one person (not my client) who didn't disclose something very valuable, but it was listed seperately on the home insurance policy, which the OR saw!
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 28 June 2012 : 11:25:30
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Good point Viki!!
Ascend may you find no resistance
Know that you made such a difference
All you leave behind will live to the end
The cycle of suffering goes on
But memories of you stay strong
Someday I too will fly and find you again
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year 2029
Average Member
590 Posts |
Posted - 28 June 2012 : 11:40:58
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Viki,
What was the outcome in that instance?
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Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 28 June 2012 : 12:56:35
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It wasn't my client so I don't know any of the details. I can only presume that the item was taken.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp |
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debtinfo
forum expert
2826 Posts |
Posted - 28 June 2012 : 18:07:17
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just to demistify (not sure thats a word) what Year 2029 put as they were all sort of lumped together.
A BRO is a civil procedure and is mainly for conduct leading up to the bankruptcy for instance continuing to trade whilst insolvent.
A suspension of discharge is only for a period during which the person is not co-operating, it is not a punishment as such.
Criminal proceedings, whilst not exclusively, are mainly for actions after the bankruptcy which are contrary to the law such as hiding assets making false statements etc, most often the charge is perjury as they have lied to the court and in documents for the court/bankruptcy proceedings, punishments can be anything up to unlimited fines and custodial sentences |
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Who seizes luxury items such as art, jewelry and vintake furniture ?
