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Bolta
Junior Member
172 Posts |
 Posted - 20 August 2008 : 11:31:55
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Hello, I'm new here. Not sure of the protocol. Me & my wife own two motorcycles. They are registered in our names.We have owned these for quite some time & they have great sentimental value to us. we bought them paying cash. (ie: No HP or loans taken out to buy them.)
We really need to keep these vehicles because they are our only hobby & form of escapism.
If we go bankrupt and don't declare them,is there anyway of the Bankruptcy people tracing them via the DVLA. We do not keep them at our home we keep them in a separate storage unit not registered to us.
Or should we get them registered in a member of the family's name before we file our petition.
This is a Hyperthetical question of course..
Many thanks in advance for any advice. |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 20 August 2008 : 12:03:34
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Hi Bolta and welcome to the forum.
You will need to declare the motorcycles on your BR forms as the OR will check with the DVLA to see whether any vehicles are registered in your names.
You also have to declare any vehicles that you have disposed of in the last few years (sorry I can't remember how many), and again the OR will check. If you transfer the motorbikes to anyone else at less than full value you may end up with a BRU and the OR reclaiming the bikes.
Do you need the bikes for work? If so, depending on value, you make be able to keep them. Is there someone that could buy the bikes back from the OR if they do claim them?
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/ |
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Bolta
Junior Member
172 Posts |
Posted - 20 August 2008 : 13:11:48
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Being the registered keeper is no proof of ownership.
If a family member had receipts for buying them, but we were the registered keepers would this make any difference.? |
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John
New Member
United Kingdom
73 Posts |
Posted - 20 August 2008 : 13:34:44
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Hi
if the OR smells a rat he may well contact the previous registered owner.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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rollercoaster
Junior Member
United Kingdom
327 Posts |
Posted - 20 August 2008 : 13:39:20
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| It would certainly raise the OR suspicions and i am sure he would investigate it further, the receipts would not be enough, i doubt, to prove ownership, i think the family member would need to show ie.on bank statements the cash withdrawal for this purchase. If they cannot show they actually purchased and own the vehicles then this is hiding an asset. |
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Bolta
Junior Member
172 Posts |
Posted - 20 August 2008 : 14:05:28
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Hmmmm...
This is going to take some thought.
Has anyone overcome this hurdle before. I'm sure there must be forum members that have done this sort of thing successfully.. |
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nathan_a
Junior Member
United Kingdom
173 Posts |
Posted - 20 August 2008 : 17:17:10
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| You have to declare any vehicle sold or disposed of in the last 2 years prior to the bankruptcy |
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grantspants
Junior Member
United Kingdom
297 Posts |
Posted - 20 August 2008 : 19:17:45
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I have a query relating to vehicles if anyone can help....
My mother recently bought an old camper van for £1350, we registered it in my name as I was the first to use it for a holiday, and I got temporary insurance cover through my car insurer. The only reason we did it that way was because insurance companies only insure you if the vehicle is registered to the person insuring it. We have since transferred it back to my mothers name and the temporary cover has expired. I just wondered how the OR would view this, I never paid for the vehicle, we could show my mothers bank statements to show she withdrew the money for it. And do I declare it, considering I never owned it, just had it registered to me for a short time?
All this stuff is doing my head in now, will be glad when its over 
Thanks in advance (again!) |
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John
New Member
United Kingdom
73 Posts |
Posted - 20 August 2008 : 20:16:44
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Hi
with the statements you mentioned and the explanation you have to hand the camper van belongs to your mother and therefore safe.
The OR will check the DVLA and see the regitration change so it may be an idea to make a note of it all in section 13 of your SoA (Additional Information)
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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maizie
Average Member
United Kingdom
566 Posts |
Posted - 21 August 2008 : 12:06:04
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I've just thought... I had a car accident 3 years ago and my car was written off and had to buy another car (the one Ive got now). I stated in my reasons for bankrupcy about my car crash and buying another car and stated my current car on my assets etc. but never put the details of the other car... oooops! Should I have done? I never even gave that one a thought!
Maizie |
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John
New Member
United Kingdom
73 Posts |
Posted - 21 August 2008 : 15:17:42
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Hi
if the previous car was written off 3 years ago there is no need to have mentioned it in your SoA.
Sold and disposed of vehicles in the last 2 years are required to be listed.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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maizie
Average Member
United Kingdom
566 Posts |
Posted - 21 August 2008 : 15:23:09
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Phew! Panic over!
Maizie |
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scared
Junior Member
United Kingdom
220 Posts |
Posted - 21 August 2008 : 17:42:43
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Hi all
I just checked the SOA form and section 3.7 asks whether you have disposed of a motor vehicle in the previous 12 months. However if it is sold or transferred for less than the market value I presume that will be caught in section 3.5 where you have to go back 5 years.
Scared |
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John
New Member
United Kingdom
73 Posts |
Posted - 21 August 2008 : 20:21:47
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Hi scared
my error.....yes you're correct, you only have to go back 12 months not 24 as I suggested.....sorry maizie.
As the car was not sold or transferred undervalue (it had no value as such having been written off) no entry was required in 3.5.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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Topic |
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Vehicles
