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stressedoutsteve
Starting Member
United Kingdom
42 Posts |
 Posted - 04 March 2009 : 19:47:05
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Hi everybody. I've been reading posts but want to ask a question, hope someone can help. I am about to go bankrupt soon, as I've run out of money and credit. I owe over £100,000 in unsecured debt to UK banks. I owe this because my ex-wife refuses to sell our one marital asset, a house in Spain valued two years ago at £495,000 with no mortgage. This despite our financial settlement under which I took on all our debt and she agreed to get the house, (which she lives in and we jointly own), sold to clear the debts from my share. I had to agree to this to get a divorce. This was two years ago. House now would only sell for around £300,000. My question is this, when i give the deeds to the O.R. after bankruptcy, will he auction the house for anything he can get, say £50,000 or something silly, or will he stick to the real worth? I am very worried all my capital will disapear in aquick sale. Can anyone advise? Sorry this is so long!thanks a lot . Stevestressedoutsteve
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Suzanne
Average Member
United Kingdom
869 Posts |
Posted - 05 March 2009 : 09:32:27
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Hi Steve
When the OR/Trustee is given control of your assets they will seek to get a sale agreed to your wife in the first instance as joint owner. What she should also understand is that the OR/Trustee will look at the transaction where you take all debt and she receives assets to decide if this is a valid transaction. If all your debt and costs can be met from your share of the Spanish property then they are likely to not seek to interrupt that transaction.
In terms of selling the Spanish property, they have a duty to creditors to obtain the best price they can for the property. They will attempt to sell it through an agent initially, and if it becomes too difficult or time consuming, seek alternative methods of sale. Either way, they will have a price they want to obtain in mind, and can set a reserve price for auction.
In the first instance it may be worth speaking to your ex to let her know the circumstances and that ultimately she is risking her own financial assets as well as yours.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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stressedoutsteve
Starting Member
United Kingdom
42 Posts |
Posted - 05 March 2009 : 19:50:16
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| Thanks Suzanne. I understand what you say but I am concerned that in this market the OR will simply accept any offer to get some monies for the creditors. Is there any rule which preventds the OR 'giving away' an asset to simply realise something for the creditors? thanks, steve |
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Suzanne
Average Member
United Kingdom
869 Posts |
Posted - 06 March 2009 : 09:14:38
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The OR has a duty to do the best for the creditors, as does any Trustee. Although there is no rule as such, they could be held liable by the creditors if they felt they had not acted in their best interest, and could receive a rebuke from their governing body which no IP would take lightly.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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