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 bankruptcy postbag for may
 can I give my half of the equity away		  New Topic  Reply to Topic
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rebecca
Junior Member

170 Posts
Posted - 13 May 2008 :  17:28:36  Show Profile  Reply with Quote
Hi, We have sold our house and but the equity in my boyfriends personal bank account. the equity is half my boyfriends (not husband) and half mine. The company I own is going bankcrupt, can I give my half of the equity away as a cash gift to avoid the courts getting it or is it safe in my boyfriends name / account? Thank you

Reviva UK
Advanced Member

United Kingdom
2452 Posts
Posted - 13 May 2008 :  18:13:36  Show Profile  Reply with Quote
Hi Rebecca and welcome to the forum.

The Official Receiver has been doing this for quite a while now so will be accutely aware of any assets sold or given away prior to br.

if you give it away then the OR will require it back - and has the legal power to recover the asset. He will certainly find the money.

Why is your business going Br ? is it a Ltd company or are you trading under a trading name. Also what level of debts are there.

Depending upon the value of the debt and the value of the equity you may have several other options.

I would really suggest you speak to one of our forum experts to review your options before you get into hot water with the equity situation.

Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com
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melanie_giles
Senior Member



1191 Posts
Posted - 13 May 2008 :  22:46:41  Show Profile  Visit melanie_giles's Homepage  Reply with Quote
How much money is your boyfriend holding, and how much do you actually owe to creditors.

For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com
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