Hi, My brother has been made bankrupt. He owns (and lives in ) one third of a property, my disabled parents own the other two thirds. The house is fitted out with ramps and rails etc. The insolvency practioner has said that the house must be sold within the year. My parents cannot afford to buy my brother out neither can anyone else in the family. Can they be forced to sell. They do not want to move. A move will probably kill them. My father is 79 my mother is 83. The family are all worried sick. Please advise
Hi Unfortunately the IP has the upper hand. The only thing you can do is get a right of residence put on the property so that they can't be forced to move, but it may be too late for that now, so contact a solicitor to see if it is still possible. You could try to get an agreement with the IP for a charge on the property instead of a sale because of your parents age and the detrimental effect a move would have on their health.
Hi, under normal circumstanes the residents have priority for the first year and the needs of the creditors become paramount after 12 months. This can be substituted for a longer period if their are special circumstances such as a specialy adapted property. This is down to the judges discretion and you would never know for certain until you got before the judge. It may be worth taking some legal advice though
Hi, My brother has been made bankrupt.
Posted - 29 July 2009 : 21:17:01
