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Andrewski
Starting Member
United Kingdom
13 Posts |
 Posted - 21 February 2009 : 14:49:51
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Hello Forum members
I went BR in September 2008. Although I had many months to prepare for it, the actual BR was still traumatic  . Having got over this now, I wanted to see other people's experiences and share mine and I recently found this forum.
I had my interview with the OR within 3 weeks. A bad moment was watching her cut up credit cards etc in front of me. Her only significant action was to try to suggest my (now ex-)wife's car was really mine!
After two months she handed over to a Trustee in bankruptcy who is a partner at a large accountancy firm. I have had to provide much of the same information again. His first actions were to put a restriction order at the Land Registry on our house. He then required to sell my vehicle or buy it back (with what money?, or was that a trap?).
He wants to sell "his" share of the house jointly owned by me and my ex wife. He instructed a local estate agent to value the house. When he received the valuation, the Trustee made an offer to sell the share to my wife based on a value of £600K whereas I know unofficially from the agent that the valuation was £500K. The Trustee refuses to provide a copy of the valuation, not surprisingly! He demanded that the transaction be concluded within 3 months, otherwise he would seek an order for sale.
The Trustee has now turned his attention to my income and outgoings.
Andrewski |
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harbourmaster
Junior Member
346 Posts |
Posted - 21 February 2009 : 16:25:25
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| Oh dear, sorry to hear about the additional stress Andrewski, we too went BR in September and have had a trustee appointed, he has put restriction orders on the property we own but all we have had was a letter of introduction from him and his firm. Good luck and lets hope he leaves you alone soon. |
Edited by - harbourmaster on 21 February 2009 16:25:56 |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 21 February 2009 : 17:06:21
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Hi
the land registry restriction is standard so nothing to worry about there.
What advice did you have prior to Br and what preparations did you go through to review the equity in the house, car etc etc etc .
You are certainly able to discuss the equity position in the house and you will certainly want to do some homework on the internet fo valuations of similar houses / sales over the last X weeks or months.
You can certainly request new valuations fro other estate agents and you can also pay for a valuation form a chartered surveyor ( the folk that value the house for mortgages purposes - these seem more conservative than estate agents valuations)
What is the equity and what are the plans to deal with it?
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
http://www.revivauk.com
Real People ..... Real Debt Solutions
www.revivauk.com |
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Andrewski
Starting Member
United Kingdom
13 Posts |
Posted - 21 February 2009 : 17:45:11
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Hi Paul
We got some advice from the CAB and a family adviser.
The plan is (I hope) for my family to buy out my share when a reasonable valuation has been agreed.
Andrewski |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 21 February 2009 : 20:28:31
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Glad that you got advice
it is always a good idea to have valuations done before Br, so that at the time of interview ( telephone or face to face) the Offical Receiver can be told that you have a third party willing to buy the BI and you have valuations ready to provide.
In theory of the case is straightforward it is less likely that it will be passed to an external IP / trustee.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
http://www.revivauk.com
Real People ..... Real Debt Solutions
www.revivauk.com |
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Trustee in bankruptcy
