Already bankrupt - question about 'assets'

LLM

I was declared bankrupt back in March, at the time of the bankrupcy, I had a car that was not officially mine (my name was not on the V5), although I drove it and insured it.

However, we have since sold that car and have purchased a different one, of equal value and my name is now on the V5.

Do I need to declare this to the OR or can I get the V5 changed in to the name of the person who owned my last car and say nothing?

Thanks

LLM

Anyone able to help??

Merry_Gentry

I thought what you did after you went BR was your business. So the car is yours, and the OR won't be interested. Unless you hid a chunk of money to be able to buy it

CG77

I'm not too sure about this. I know that the OR still has a claim on possessions which are 'after acquired'. As I say I'm not really an expert but my guess would be that until discharge, the OR COULD potentially claim any assets, even if acquired after BR. I guess it would go back to the value of the car and whether it's needed for work etc.

Please don't quote me on this, as I say it's just the way I understand it from lots of reading etc.

CG. x

coolcait

CG77 wrote: »

I'm not too sure about this. I know that the OR still has a claim on possessions which are 'after acquired'. As I say I'm not really an expert but my guess would be that until discharge, the OR COULD potentially claim any assets, even if acquired after BR. I guess it would go back to the value of the car and whether it's needed for work etc.

Please don't quote me on this, as I say it's just the way I understand it from lots of reading etc.

CG. x

Hiya

I know more about the Scottish system than England and Wales, but I'd agree with what you say - I think they call it adquirenda (sp?) here. Any asset you aquire during the period of your bankruptcy can/will be taken by the trustee.

Also OP, who actually paid for the car you had originally? Leaving aside the question of who insured it, or whose name was on the V5. If you signed the loan/HP agreement to buy it, or if your name shows as the person who bought it, I think the Accountant in Bankruptcy would see it as your asset.

Did your OR know about the previous car?

blind-as-a-bat_2

After aquired property only covers money/goods you would come into before or during your BR (left in a will etc), anything you save for should not be included, but may pose the question how did you afford it, but thats all.

Thats the english version and i dont see why the Scottish should be differant, but cant say for sure im afraid

LLM

Thanks all.

The car I had before was officially owned by my OH but I drove it and insured it.

The new car will have my name on the V5 and is also insured by me but was paid for by my OH from the sale of his/our old car.

Value of the car is about £1000, which is the same as the old car and the money came from selling the old car to buy the new one. Simply just needed a bigger one, had a ka before which is not practical anymore.

The car is essential for work as getting there by bus would probaby cost more and to be honest, is a logistical nightmare!!

We have no receipt for the new car as was bought privately.

Do I need to let the OR know then do you think? Would they really check with the DVLA about the ownership of my car anyway?

tigerfeet2006

I'm with Bat on this one and having read your last post I would just bimble along as you are.

If you are really concerned fire off an email to the Insolvency Service
[EMAIL="insolvency.enquiryline@insolvency.gsi.gov.uk"]insolvency.enquiryline@insolvency.gsi.gov.uk[/EMAIL]

It may take them a few days to reply but it usually means that they have researched the question properly.

LLM

Thanks Tiger, thought it would be ok but have a bit of a paranoid friend who thought I should tell them and I disagreed so thought I would check it would with you guys!

Thanks again