HMRC Bankrupcy

wherestheend

Hi All

Still not bankrupt have been trying to fight it to save my home in Spain as we are going to move there when all this is sorted. My home in the uk has now been repossessed however it is up for sale by the mortgage company for 30k more than we owe so I was hoping this would pay the HMRC and I could do a debt management for the rest, was all going ok till the HMRC would not wait anymore

Can anybody tell me if there is any advantage in me petitioning for bankruptcy or should I just let the HMRC do it? would save the £500 each for me and the wife!

thanks again

JCS1

Creditor petitions have an office interview as the norm, SOA is same information but slightly different layout - everything else the same.

Guess the main advantage in peititoning yourself is that you would be the one in control.

wherestheend

How much control would I have, what would the advantages be. I do want to keep my home in Spain as we intend to move there as soon as the bankruptcy is started so we can then claim it as our main home and hopefully get offered the beneficial interest if there is any, knowing Spain at the moment there won't be.

wherestheend

How much control would I have, what would the advantages be?

tigerfeet2006

If HMRC petition for your BR then they can appoint their own choice of IP to your case and they are usually a lot tougher than a normal OR.

If you declare you can chose a date that suits you and how your finances are eg: after wages have gone in and essential bills have gone out. You will also have time to sort out a new bank account and not be suddenly left with no access to your account.

SouthCoast

HMR&C tend to use very expensive insolvency practitioners. With the added complication of a property in Spain the costs could be very substantial.

wherestheend

Thanks, they did say it would take them a few months to make me bankrupt, so that would give me a bit of time to sort the money out.

I have read that the co-op is one of the only places to get a bank account once you are bankrupt, I have a nationwide account at the moment but it is O/D so it would go in the bankruptcy. Do you recommend opening another account before I go or just after? is there any other banks for bankrupts?

Thanks

philnicandamy

The only two bankrupt freindly banks at the moment are co-op's cashminder & barclays cashcard accounts.....

Nothing to stop you opening an account now...then its ready to use after bankruptcy (the only OR's that seem to close accounts you open before bankruptcy is brighton..everywhere else you should be fine)

wherestheend

thanks I will give them a go, the one problem I have is I tried to do an IVA in January, it didn't go through because 1 of the creditors put a mod through that wasn't going to work so I pulled the IVA only the IVA company still registered it as gone through so my credit record shows an IVA eventhough I am not in one! I also still managed to have a CCJ served on me last month. I have a Abbey account that I use at the moment do you know if they would close it as it took me ages just to get that one.

Thanks

Deep_In_Debt

I think the Abbey account will be closed - I expect that Abbey will probably close it as they are not BR friendly. As mentioned, Co-op Cashminder and Barclays are the only 2 banks that will not close your account so it's worth opening one before BR so it's ready and you can start transferring SO's and DD's.

Good luck.

JCS1

HMRC can only appoint their own IP if they are the majority creditor - if they are not it will go to a meeting of creditors for an IP to be appointed (Assuming assets of over £10k).