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Bankruptcy (correct board ?)

castle96
Posts: 2,962 Forumite


Re Bankruptcy
Q 1.) Can assets be recovered from a discharged (2006) bankrupt ? (Call him “C”). Substantial assets were fully in his name prior to transfer -- see below. Would creditors (do they still exist following discharge ? - still have a right to persue C now. How do I get a list of these creditors, if I had a ‘mind to’ inform them of the current Company. I know nothing of the bankruptcy, other than a notice of ‘dividend payable’ to unsecured creditors, in the local paper 5 years ago. Unsecured creditors usually get nothing ? Is there such a thing as a file that I can get on this bankruptcy, or do I need to prove ‘an interest’ ?
I find out that my son (his mother now married to the ex-bankrupt - C ), holds 100% of the issued share capital of C’s company. These shares/this ‘ownership’, was presumably transferred to him prior to bankruptcy, to avoid losing these substantial assets to the creditor. No idea of value, but between £1-2m. I assume there is an undated, but signed letter somewhere for C to regain control of these assets when required. C is shown as a Director of the Company. I have a Companies House file. Shares were previous held in C’s mother’s name (can’t see why the change). Why would C not have the shares in HIS name, now that he is no longer a bankrupt ? Is it because the creditors DO STILL have a claim on these assets ? It IS? OK for C to be a Director now ?
Due to family history, son has an allegiance to C and me,, but would not tell me the full truth/reasons (even if he knew). C’s financial history is dubious to say the least.
Q 2.) My worry is that if the Company goes pear - shaped, then all claims would be made against my son, who ‘owns’ the Company and that C would be in the clear. Of course, when the time is right, the tucked away letter would come out of the drawer and the Company/assets, would be transferred back to C. Recent commercial properties have been added to the portfolio, so my son must have signed papers on behalf of the Company. He is not paid anything as far as I know from his lifestyle
He is due to inherit from myself and brother. I would not want these sums to go towards paying off C’s debts
Any points/considerations/advice, would be of use please. Thanks
Q 1.) Can assets be recovered from a discharged (2006) bankrupt ? (Call him “C”). Substantial assets were fully in his name prior to transfer -- see below. Would creditors (do they still exist following discharge ? - still have a right to persue C now. How do I get a list of these creditors, if I had a ‘mind to’ inform them of the current Company. I know nothing of the bankruptcy, other than a notice of ‘dividend payable’ to unsecured creditors, in the local paper 5 years ago. Unsecured creditors usually get nothing ? Is there such a thing as a file that I can get on this bankruptcy, or do I need to prove ‘an interest’ ?
I find out that my son (his mother now married to the ex-bankrupt - C ), holds 100% of the issued share capital of C’s company. These shares/this ‘ownership’, was presumably transferred to him prior to bankruptcy, to avoid losing these substantial assets to the creditor. No idea of value, but between £1-2m. I assume there is an undated, but signed letter somewhere for C to regain control of these assets when required. C is shown as a Director of the Company. I have a Companies House file. Shares were previous held in C’s mother’s name (can’t see why the change). Why would C not have the shares in HIS name, now that he is no longer a bankrupt ? Is it because the creditors DO STILL have a claim on these assets ? It IS? OK for C to be a Director now ?
Due to family history, son has an allegiance to C and me,, but would not tell me the full truth/reasons (even if he knew). C’s financial history is dubious to say the least.
Q 2.) My worry is that if the Company goes pear - shaped, then all claims would be made against my son, who ‘owns’ the Company and that C would be in the clear. Of course, when the time is right, the tucked away letter would come out of the drawer and the Company/assets, would be transferred back to C. Recent commercial properties have been added to the portfolio, so my son must have signed papers on behalf of the Company. He is not paid anything as far as I know from his lifestyle
He is due to inherit from myself and brother. I would not want these sums to go towards paying off C’s debts
Any points/considerations/advice, would be of use please. Thanks
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