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 6months stage of BR - what next???
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Junior Member

115 Posts

Posted - 11 March 2011 :  09:11:18  Show Profile  Reply with Quote
Hello all

I hope everyone is ok - haven't been on here for a while all is quiet for me at the minute.

I received a letter from the OR yesterday confirming the following:-

1) All their investigations have been completed and a report to creditors has been issued to court
2) My file has now been transferred to the RTLU in Stoke

My questions are as follows: -

1) Can I see the report or request a copy of it and how do I go about it? (Purely out of interest to see what the OR does)

2) I understand that the RTLU deal with assets and the only asset I have is my property which is approx 25k in negative equity. From reading other posts on here I understand that the OR will review my case art the 2yrs 3month stage and if the property is still massively in negative equity it will be transferred back to me at no cost to me. I have read somewhere that this may happen sooner because the OR does not want to retain properties on its books that are massively in negative equity. My question regarding this is with the way the economic climate is at present with jobs and interest rates etc. If the OR offered to transfer the property back to me early could I refuse and ask to wait the full 2yrs and 3months? (Edging my bets I know but I would but gutted if the property came back to me early, I subsequently lost my job in say 12months time and I had lost the protection that BR offers against further debts beings held against me)

3) I have been told on numerous occasions that I will be recommended for ED and I wondered if it will be around this time when I would hear if I have been successful or not with all these new rules etc? I am not banking on it and would be more than happy to sit and wait the full twelve months but I would be lying if I wasn’t hoping everything may be finally sorted in the next few months or so.

Thank you in advance of any replies


forum expert

United Kingdom
641 Posts

Posted - 11 March 2011 :  17:30:06  Show Profile  Reply with Quote
Hi Carl,

regarding the RTC(report to creditors), all it gives is a description first of who you are, what your occupation is, your address along with any previous occupations or addresses over the past 5 years. It will then have a breakdown of your assets, and liabilities, with a cumulative total to show a surplus, or in your case a deficiency.

It will then show when the bankruptcy order was made, and whether it was a debtor's petition(i.e. you) or a creditor. There will then be a short explanation of what led to your insolvency.

In this, there won't be a novel of what happened, I used to make them as bland as possible, in that I would give just enough information to allow creditors to see what happened with the money(e.g. day to day living costs etc), but not a blow by blow account.

The remainder just confirms either that the OR will be the trustee of your bankruptcy estate( essential so that the OR can deal with any assets etc), or that the appointment of a trustee other than the OR will be sought, due to assets with equity needing to be dealt with.

Generally they don't send a copy out to debtors(you would if you disclosed a relative or friend as a creditor), but I suppose you could make an application under FOI(freedom of information).

As for the property, it will sit with the RTLU at Stoke until the 2 yr and 3 month point, when they will review it, to assess what to do with it. In these days of the IS trying to save money, it may be that if they have properties at the 2 yr 3 mths point that are heavily in negative equity, then they have to decide whether it's worth keeping them, if they won't move into equity within 9 months.
This is an extract from the technical manual, that states that if neg equity is more than £10k at the 2yr 3mth point, then early revesting of the property should begin immediately:
33.31 Jointly owned property – review process (amended October 2008)

At (or close) to the 2 year 3 month date a valuation of the property should be obtained by reference to an Internet valuation e.g. http://www.upmystreet.com or www.nationwide.co.uk/.../

(a) If the Internet valuation shows that there will be significant negative equity of at least £10,000 (below that figure a drive-by valuation is essential), the re-vesting procedure should be commenced immediately, there is no need to wait until the 3 year time limit (see paragraph 33.32 below). The official receiver will need to exercise judgment in certain circumstances; for example, if there has been a previous drive-by valuation, and the Internet valuation confirms the general trend in house prices has been downward, there will be little need for a new valuation. If there has been no previous valuation, and there is reason to believe there may be a high margin of error in the Internet valuation, then even if the negative equity is over £10,000 a drive by valuation should be arranged. In general, official receivers should exercise caution to ensure no property interests are lost.

Hope this helps

Big Al
Insolvency examiner with the Insolvency service from April 2008 - July 2010.

If you need help completing SOA's(statement of affairs) or PIQ's(preliminary information questionnaire) if you've been declared bankrupt, or anything else and you're within 30 miles or so of Warrington, then please contact me via my contact details in the expert page for futher details"
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Junior Member

115 Posts

Posted - 17 March 2011 :  16:33:47  Show Profile  Reply with Quote
Thanks once again BigAl

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