Trying to keep my job - Advice needed please

pickle2467

i work for a finance company and have a loan with them

If i pay my loan so that it is not part of the bankruptcy then i can keep my job

Oh its a right mess....

If i know my job is safe then i can borrow the money from family to apply for an annulment

So i would like to pay my loan to the company that i work for but would be deemed as giving preferential treatment to some creditors over others and then go against me when applying for an annulment?

Hope all that makes sense

fiveyearplan

How much did you go BR for?

blind-as-a-bat_2

You can not pay anything until your BR is annulled, that would be seen as preferential and make matters worse.

pickle2467

I was made bankrupt by HMCE for the sum of £6000 (£1500 of that being tax the rest fines etc) but now everything i owe is in with it

blind-as-a-bat_2

I know debtinfo has advised seeing an IP to get this annulled, but with the amount off equity you had, you are not insolvent, so the petition should never have been granted, but the court was probebly not aware of this which is why i suggested legal advice, as you may be able to get the petition suspended.

To be honest HMRC abuse the br system by useing it in cases such as yours, depends if they knew about the equity though

pickle2467

I dont know if they knew about the equity.....................but i knew they had filed a bankruptcy petition and had to get 4 years of books in to them asap, but then my daughter went into labour at only 26 weeks so was at the hospital with her for over a month whilst baby was in intensive care, my mum managed to get the court date adjourned, i then got my books in and received the bill and went and forgot about the new court date....hence i am now bankrupt!

I have another question if you dont mind

part the debt with HMRC is overpayment of tax credit because i didnt do my books they said the whole years payment was overpayment but now that i have done my books cant that be taken off as the money i earnt that yearly clearly shows i was entitled, the tax office are saying no because it was nearly 2 years ago.....

debtinfo

Hi Pickle, if you get the bankruptcy annulled your job will be safe, an annulment means that the bankruptcy never happened and so they could not sack you for the bankruptcy, also if the annulment is on the grounds of "Paid in full" i.e where you pay all of your debts off then you will have no debt to them and so again could not sack you for that reason.

Although you were not balance sheet insolvent when the order was made (you had more assets than liabilities) the court uses cashflow solvency in making the order what they call not being able to pay a debt as it fell due. Presumably you could not do this or you would have. The only other way you could get it annulled is where "the order ought not to have been made". To show this you would need to prove that due process had not been followed, ie the petitioned was not delivered in the right manner, as bat says this defence is more of a legal one and a solicitor may be more helpfull. This is harder to prove though and so if you can get the funds together paid in full is easier to get. I shoud also poit out that whilst all this is going on you need to co-operate with the OR as the judge at the annulment hearing will ask for a report from the OR

pickle2467

blind-as-a-bat wrote: »

You can not pay anything until your BR is annulled, that would be seen as preferential and make matters worse.

i thought i had to pay everything to get the BR annulled but i wanted to pay work first to secure my job so that i can then raise the money from family to pay the rest then apply for an annullment.

Is there a deadline by which you have to apply for an annullment?

blind-as-a-bat_2

debtinfo wrote: »

Hi Pickle, if you get the bankruptcy annulled your job will be safe, an annulment means that the bankruptcy never happened and so they could not sack you for the bankruptcy, also if the annulment is on the grounds of "Paid in full" i.e where you pay all of your debts off then you will have no debt to them and so again could not sack you for that reason.

Although you were not balance sheet insolvent when the order was made (you had more assets than liabilities) the court uses cashflow solvency in making the order what they call not being able to pay a debt as it fell due. Presumably you could not do this or you would have. The only other way you could get it annulled is where "the order ought not to have been made". To show this you would need to prove that due process had not been followed, ie the petitioned was not delivered in the right manner, as bat says this defence is more of a legal one and a solicitor may be more helpfull. This is harder to prove though and so if you can get the funds together paid in full is easier to get. I shoud also poit out that whilst all this is going on you need to co-operate with the OR as the judge at the annulment hearing will ask for a report from the OR

That does pose the question, more so in light of the question of this thread, you are aware of the legal implications of a br order, and your obligations pickle2467?

blind-as-a-bat_2

A bit of reading that may help

http://www.insolvency.gov.uk/freedomofinformation/technical/TechnicalManual/Ch1-12/Chapter6A/Part1/Part1%20.htm

http://www.insolvency.gov.uk/freedomofinformation/technical/TechnicalManual/Ch1-12/Chapter6A/Part2/Part2.htm

And onwards

pickle2467

Thanks for those blind as a bat, certainly some info to digest and consider there