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how does or deal with foreign property
memebaby
Posts: 26 Forumite
if you are bankrupt and have a property abroad how does the or deal with this. My former partner has ahouse jointly owned with someone who is not bankrupt. It is in a derelict state and so not worth much, poss in region of 30/40k and only half is his anyway. In the current economic climate it is unlikely to sell, particularly in view of its state. What does the or do. 10 months into the bankruptcy and my former partner hasnt even heard from the trustee about this, we dont know if it has even been valued by them. Can you argue for a charge to be placed on the property representing half the current value or can they just hold onto it indefinately if it doesnt sell, but then who maintains the property.
Any ideas or experience with this problem
Any ideas or experience with this problem
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Comments
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They have 3 years from date of BR to dispose of property. I'd keep quiet if I was him and let the 3 years tick on.
:j :j
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Hi memebaby, is your former partner bankrupt, is the co-owner a family member and was anyone living in the property when the bankruptcy occuredHi, im Debtinfo, i am an ex insolvency examiner and over the years have personally dealt with thousands of bankruptcy cases.
Please note that any views i put forth are not those of my former employer The Insolvency Service and do not constitute professional advice, you should always seek professional advice before entering insolvency proceedings.0 -
where is the property?0
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in response to the questions the property is in france, it is jointly owned by my ex and a former partner of his and noone was living in teh property when my ex was declared bankrupt.
can anyone advise ??0 -
as no one was living in the property on the day of the BO, it will remain an asset indefinitally as the 3 year family home rule does not apply. The Trustee will have to deal with it at some point. cant advise as to what they will do b ut in general it will depend on how much they can get out of the property. As it is within the EU france will co-operate unless debts are owed to any of their companys. However it will still need an external trustee to be appointed and this will cost lots of money, some times if it is not worth the cost the property is returned to the bankrupt. He would need to contact the OR to see what is happening, because if nothing is dome it will always remain half owned by the ORHi, im Debtinfo, i am an ex insolvency examiner and over the years have personally dealt with thousands of bankruptcy cases.
Please note that any views i put forth are not those of my former employer The Insolvency Service and do not constitute professional advice, you should always seek professional advice before entering insolvency proceedings.0
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