bankruptcy

fozzie1

I am applying for bankruptcy. I have two properties in germany which i have a 3rd share in. These properties are not held within a ltd company.
What rights do the two other persons have over the properties. Would it be possible for them to offer an amount to settle, without having to sell? Or do the properties have to be realised. There is no formal agreement.

Merry_Gentry

I would imagine they would be given the opportunity to buy the beneficial interest but am not 100% sure. Have you had any formal advice yet?

fozzie1

No advice has been sought.
They are good guys and I'd hate them to lose out. I'm thinking that because of the unlikely chance of selling (given current climate) that maybe they would be able to make a lesser offer than the amount i originally invested...or am i being naive?

Walter_J

How long have you owned the shares in the properties?

Have you been receiving regular income from them into your bank account?

In other words; is there a recent paper trail?

If you were not to tell the OR about the properties, is there any way he would find out about them?

I offer no advice; I am merely asking questions.

Merry_Gentry

If they are in negative equity, they should be able to buy the beneficial interest for a nominal amount e.g. £1 plus solicitor's fees which I believe are around £212.

peachyprice

In answer to your question, yes, the OR is usually happy to do a deal, they'd rather have a lesser amount in a smooth transaction than have to fight for the full amount.