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antp
Junior Member
United Kingdom
216 Posts |
 Posted - 12 May 2008 : 19:07:53
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I have the OR interview on Weds after being declared insolvent on May 1st. As I'm still trading (BOOT SALES, ETC.), straight after the BP I had a phone interview with the clerk who asked me what stock I had, I told them this and that it would change each day. Not knowing the outcome of anything I have carried on as usual but not added to the stock. I am in the dark about some things...
1) stock - after what i've told them will they still come to collect it and usually how long is it before they do?
2) Vehicle - (i previously posted under heading "live on the road") if they say they would want to take this does the OR ever ask if I could pay something towards keeping it and if so could this be spread over the period of the bankruptcy?
Thanks in advance. |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 12 May 2008 : 22:23:45
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Hi
1) It would depend on the value of the stock, however the stock would be valued as if it was going to auction therefore would not carry the same value as it would if you sold this via the car boot sales so unless it has a high value then I would think that they could let you keep this to continue trading.
2) Yes this is an option, If this was dealt with as a vehicle rather than your accommodation then they would look at a vehicle of £2500 being exempt property so you could negotiate to purchase the balance back from them, however you would need to discuss this in depth with your examiner as this is fairly complicated in that the van is your accommodation therefore you have no rent to pay, if you were to losses the van you would have to rent somewhere which would cost considerably more than the balance of the van.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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antp
Junior Member
United Kingdom
216 Posts |
Posted - 13 May 2008 : 17:40:15
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Thank you for that. I have the phone interview tomorrow and i'm dreading it but will try to struggle on. Is it common for the OR to let someone keep a vehicle to continue trading or do they stick to the £2500 exempt property rule to the letter? For instance, all I ever read about on many forums are cars, vans cost much more than cars, even for a 4 or 5 year old one.
Thanks.
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OR phone interview Weds, but Still Trading.
