hello is there anything wrong with selling the benficial interest to a freind before bankruptcy as long as i prove its in negative equity and pay the £1 to the or and do it through a solicitor. this will take the risk out him holding on to it or putting a charge on it ? anyone done this ? this advice came from an ip
You will need to wait until your BR. The decision must be made by the OR. I would imagine that any transaction like that beforehand stands a chance of being reversed by the OR.
Hopefully one of the experts will be along to confirm or otherwise.
You will need to wait until your BR. The decision must be made by the OR. I would imagine that any transaction like that beforehand stands a chance of being reversed by the OR.
Hopefully one of the experts will be along to confirm or otherwise.
Who was the IP who gave you this advice?
The glimmer gets brighter all the time
Jan xx I read that it is ok to sell any asset prior to bankruptcy as long as it is sold for the correct market value and you account for the money ?
I'm not 100% on this - I've not heard of it before as usually you have to wait for the OR to decide whether they are interested in the property or not.
I hope one of the experts will be on soon to give you advice.
Posted - 27 June 2009 : 16:14:34
