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I don't understand???

Hi all,

I went BR on 16th July 2008 and in October I received a letter from the OR stating that he intends to apply to Secretary of State for Trade and Industry for his release as Trustee.

Also enclosed was a copy of the letter to the DTI - a paragraph of which I don't fully understand - " The release of the OR does not affect the discharge of the bankrupt from these proceedings; this will be in accordance with section 279 of the Insolvency Act 1986. When the bankrupt is discharged, any asset included in the bankruptcy estate (property which can be distributed among creditors) that has not been realised continues to belong to the trustee; it is NOT returned to the bankrupt."

Could someone please explain what this all actually means?
Christians Against Poverty - www.capuk.org
«13

Comments

  • tigerfeet2006
    tigerfeet2006 Posts: 14,030 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Morning MoT :)

    It just means that the OR has completed all his investigations and you will probably be passed over to RTLU now if you have assets. They will then deal with any assets that you might have ie: house, car, IPA, NT code IPA. If you are then discharged before they are dealt with it means it doesn't automatically transfer back to you upon discharge and they will still deal with it realising any monies etc. for your creditors even if it takes years.
    BSCno.87
    The only stupid question is an unasked one
    Loving life as a Kernow Hippy
  • mumoftwins
    mumoftwins Posts: 2,498 Forumite
    Morning MoT :)

    It just means that the OR has completed all his investigations and you will probably be passed over to RTLU now if you have assets. They will then deal with any assets that you might have ie: house, car, IPA, NT code IPA. If you are then discharged before they are dealt with it means it doesn't automatically transfer back to you upon discharge and they will still deal with it realising any monies etc. for your creditors even if it takes years.
    Thank you TF for your reply but I'm still confused :confused: could you explain it in a way that an idiot would understand ie: ME :rotfl::rotfl:
    Christians Against Poverty - www.capuk.org
  • mumoftwins
    mumoftwins Posts: 2,498 Forumite
    I only have my car (value about 2K) which they showed no interest in due to my Drs letter confirming that I need to keep it for mobility reasons.
    Christians Against Poverty - www.capuk.org
  • tigerfeet2006
    tigerfeet2006 Posts: 14,030 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    The OR has finished with you and as you have no assets then it is just a case of sitting and waiting till you are discharged :D
    BSCno.87
    The only stupid question is an unasked one
    Loving life as a Kernow Hippy
  • mumoftwins
    mumoftwins Posts: 2,498 Forumite
    mumoftwins wrote: »
    When the bankrupt is discharged, any asset included in the bankruptcy estate (property which can be distributed among creditors) that has not been realised continues to belong to the trustee; it is NOT returned to the bankrupt."

    Could someone please explain what this all actually means?
    Thanks again TF, but does this paragraph mean that if for some lucky reason I won the lottery that all that money would go to my creditors?
    Christians Against Poverty - www.capuk.org
  • dalip
    dalip Posts: 7,045 Forumite
    Hi MOT
    I think that refers to a house or similar. If it has not been settled/sold(realised) by the time of discharge then it still belongs to the trustee even after discharge. That really is telling some silly buggar who thinks after discharge they will get their house back ,,that they won't:p .

    Can i ask(memory and age:o ) do you have an IPA?
    Free impartial debt advice available from: National Debtline - Tel: 0808 808 4000 | The Consumer Credit Counselling Service (CCCS) - Tel: 0800 138 1111 | Find your local Citizens Advice Bureau
    Laugh at yourself and others laugh with you.Laugh at others and you laugh alone. BSC No 107:D
  • mumoftwins
    mumoftwins Posts: 2,498 Forumite
    dalip wrote: »
    Hi MOT
    I think that refers to a house or similar. If it has not been settled/sold(realised) by the time of discharge then it still belongs to the trustee even after discharge. That really is telling some silly buggar who thinks after discharge they will get their house back ,,that they won't:p .

    Can i ask(memory and age:o ) do you have an IPA?
    Hi dalip,

    No I don't have an IPA as presently only on benefits - starting new job soon but only P/T and benefits will go (:j) but will only be about £300 a month better off.
    Christians Against Poverty - www.capuk.org
  • tigerfeet2006
    tigerfeet2006 Posts: 14,030 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    It is a generic letter that gets sent out to everyone so if you don't have assets then is a bit confusing.

    And yes if you come into a large sum of money before you are discharged you have to inform the OR.
    BSCno.87
    The only stupid question is an unasked one
    Loving life as a Kernow Hippy
  • mumoftwins
    mumoftwins Posts: 2,498 Forumite
    It is a generic letter that gets sent out to everyone so if you don't have assets then is a bit confusing.

    And yes if you come into a large sum of money before you are discharged you have to inform the OR.

    I think World Peace would be declared before I ever came into any money :rotfl::rotfl:
    Christians Against Poverty - www.capuk.org
  • tigerfeet2006
    tigerfeet2006 Posts: 14,030 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    mumoftwins wrote: »
    Hi dalip,

    No I don't have an IPA as presently only on benefits - starting new job soon but only P/T and benefits will go (:j) but will only be about £300 a month better off.

    Congratulations on your job. You must be so chuffed about that.

    Don't forget to tell the OR when your wage goes into the bank and ask for a new IPOQ form, then come and see us and we will see how it can be tweaked ;)
    BSCno.87
    The only stupid question is an unasked one
    Loving life as a Kernow Hippy
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