Possible Bankruptcy But Have Property Portfolio??

dannyboyracer

its not self praise either, again if you read an earlier post from another member she suggested it - im just confirming what she said ina bullet point form. Truth is i do have huge assets, 11 houses in no drop in the ocean... if i didnt i wouldnt be worried about the possibility of BR...

again max your dragging things off the path and trying to be clever, i thought there was hope for you a min or so ago... obviously not ;-)

peachyprice

Are you sure it was the OR, working for the Insolvency Service, and not an Insolvency Practitioner?

I ask because anyone working for the Insolvency Service cannot give advice about bankrputcy and certainly cannot advise whether you should go BR.

dannyboyracer

my mistake it was a IP and not a OR...

peachyprice

Ah, right!!

The IP can advise what the OR will most likely do but cannot say without a doubt what the OR will actually do, and will give differing advice depending who they are representing, be it a creditor or debtor!

If your IP were employed by one of your creditors you can bet your bottom dollar he'd want every one of your BTL's sold to raise capital, IP's as trustees in BR are ruthless [EMAIL="b@stards"]b@stards[/EMAIL]!!!

That's the problem with bankruptcy, until you've leapt there is no way of knowing exactly what will or won't happen, it's a huge gamble for someone in your position, and all it takes is an OR who didn't get nookie the night before your interview for it all to hit the fan.

maxmycardagain

[quote=dannyboyracer;16604357_i_thought_there_was_hope_for_you_a_min_or_so_ago..._obviously_not_;-)[/quote]

notice where you are chap, drinking with the rest of us in the last chance saloon

if yr !!! wasnt flapping would you be here?

i can smell fear, and im down wind of just you

dannyboyracer

if my properties werent there i wouldnt be in this position of possibly going BR so would prob not be on this site.

Trollfever

b) Do have HUGE assets.

That are declining by the day.

Do have MASSIVE liabilities?

That are increasing by the day.


.

fiveyearplan

I got lost in all this bickering! I did however ask in a previous post what kind of situation you would be in if you just ditched the last project and took the shortfall if there is one. Would you be able to pay that in time? From the little information that I've seen I would think that would be a viable option with the least discomfort.

ps - you never pm'd me!

maxmycardagain

dannyboyracer wrote: »

if my properties werent there i wouldnt be in this position of possibly going BR so would prob not be on this site.

Q. How much has been wiped off the valuation of the properties in total in the last 9 months, and how much are the repayments VS the incomes? which is rising and which is falling?

If you let to Poles/Latvians how many are heading back now the UK is stuffed for the foreseeable future?

Richard_S

Hi Danny,

I've been reading your Thread with great interest, but unfortunately not had the chance to post anything that may be of assistance.

We had a complicated bankruptcy, and it did include property, leases and Ltd Co.'s but not specifically a portfolio of BTL properties. JCS has accurately outlined the situation should you declare, or be petitioned for bankruptcy, and you really should avoid that option if at all possible.

As you're obviously well aware, the odds are seriously stacked against you, in terms of lenders reluctant to lend, and falling asset values, but your only hope is to "tough this out" and keep going.

If you default on the rolling loan on your latest property the creditor has to prove that you're unable to satisfy your debts, that you're insolvent, and that you should be declared bankrupt. A Statutory Demand is a bluster that means nothing if it's not followed through, and if they serve you with a Petition for Bankruptcy, then go to Court and make an offer to the creditor; if it's reasonable the Judge will accept it, and the creditor can do nothing more unless you fail to abide by the offer you made.

The first time I faced bankruptcy I was 28yrs old, and I managed to avoid it, only to re-build a business and get caught out again with ambitions that exceeded the capital I had available. I've found it much harder this time, having been declared bankrupt, than I did the first time when I managed to avoid it, and my advice would be to carry on until you're dragged kicking and screaming into that Bankrupcy Court.

If you can reduce your expenditure to a bare minimum, and maximise your income by taking paid employment, or robbing a post office,:rolleyes::rolleyes: defrauding an insurance company, :rolleyes: :rolleyes:whatever it takes to balance your budget, then do it. You may well bounce back, and you are relatively young, but it'll be a long sluggish painful bounce if yougo the bankruptcy route.

Regards

Richard