Bankruptcy

lizzieblue

Hi, I am having to go Bankrupt very soon and have been told that as a photographer I will have to declare my framed and mounted images as stock in hand on the Bankruptcy forms and give them a value. They may then be taken from me and sold against my debts. Obviously I will then have no stock to sell and will not be able to afford to get more framed. I also have some photographs up in an exhibition which does not end for some time. Can anyone offer advice please?

peachyprice

What is the value of this stock, are we talking £1000's or £100's?

lizzieblue

Hi, probably around £500.00 because presumably it is the cost of production not possible selling price?

serenity34_2

It's unlikely to be an issue for that kind of value - however it is at the discretion of the OR so I don't want to say 'yes definitely they won't be sold' because essentially I would be second-guessing the OR.

In my experience stuff like this worth under £1k GENERALLY isn't taken. You need to explain to the OR that this will impact on your earning ability as well so from a comon-sense point of view there shouldn't be a problem. But some ORs are much more stringent than others so it can vary quite a bit. If you can let us know whereabouts you are maybe someone on here will have some local knowledge that may help.

You can also phone your local Insolvency Service office and speak to one of the OR's assistants - they may be able to give you more of an indication ( or they may not! Again, it varies by area as to how helpful they are ).

Best of luck

lizzieblue

Thank you Serenity! The court will be Exeter.

thatsyourlot

Hi,

I am in the same situation as you..

I make wedding jewellery (tiaras & necklaces, etc) which I sell on my own website.

I have some jewellery in stock, which is what I take with me when I do wedding fairs.

I had my or telephone interview last week & I now have to send in a list to my or, stating the cost of the materials I have used to make the stock I have here at home.
Once the or has all these details, they will then decide if they are going to sell it all themselves & the money put into my bankruptcy estate or I may get the chance to buy it back from them, at a nominal fee

I am just compiling my list at the moment & as it stands, I have approx £150 of stock here at home, so I will have to wait & see what the or says.

Hope thats of some help to you

xx

lizzieblue

Wow! That seems pretty tough on such a small amount. I wonder what they mean by nominal..did they give any clearer idea? Wishing you well with it allxx

thatsyourlot

Well I am hoping that they will exempt it for me as it is such a low amount.

They have already exempted my jewellery tools (pliers etc) but then, they are only worth about £30 & as I need those to work, then I guess this is why.

The or didnt give me any indication on what the final outcome will be, maybe I will be lucky & they will exempt it.

On the other hand, the or may have more luck selling my jewellery than I have ...lol