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striking_hour
Starting Member
1 Posts |
 Posted - 04 March 2009 : 20:34:10
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My dad’s been made bankrupt; the matter is with the Trustee and his solicitor.
When my dad 1st spoke with the OR (personal traumatic events prior to that and the fact that his English language skills are weak) made a few errors in what he said or was misunderstood. 1 thing he said was ‘I remortgaged my house and gifted the money to my son to buy a house it costs x amount and I have a share of this - he did gift me the money, my intention was to buy a house. Since he went bankrupt, I had to take over looking after my family, so have been paying all bills, also he had a savings bond that I lent him he said he understood he was not to touch, I asked for it back and spent supporting my family for over 2 years. He had no idea he was not meant to spend it as his health/state of mind has deteriorated and he doesn't understand things.
The trustee’s lawyers are making threats about my dad committing a criminal offence in what was said to the OR.
The only asset that remains is my dad’s share of the equity in his house, with the market going down, I am requesting that I purchase the equity and am in negotiations.
What powers do the trustees have? The only asset in question is the equity in the house, they’re trying to recover the money my dad paid to me, but I have merely used this to keep my family from starving. I’ve said to them I’ve no money & no assets, if they persist I’ve no option but to file for bankruptcy. Will this happen?
Apart from going down the road of proceedings to repossess the house, what else can they do, because at the moment the amount in equity value is very small? Are they likely to issue criminal proceedings, aren’t they merely after the money?
My solicitor has informed them that they accept my offer, or risk the house approaching negative equity combined with their costs it would prudent for them to accept my offer. |
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Suzanne
Average Member
United Kingdom
869 Posts |
Posted - 05 March 2009 : 09:26:07
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Hi striking hour and welcome to the forum.
This is quite a complicated case, and is not going to be an easy one to help you with via the forum. I would say that in order for you to prevent the Trustee taking further action you need to demonstrate where the money your father gave you was spent. You should be able to show this with bank statements etc.
As far as the criminal offence is concerned it is more to do with the dissipating of assets in the lead up to the bankruptcy, and could have been the cause of your father being insolvent.
As long as you can prove where the money was spent and that what your father told the OR was misinterpreted you should be able to resolve this with the Trustee.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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My dad’s been made bankrupt
