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Being made bankrupt by the vat man!
mellersh
Posts: 73 Forumite
8 Years ago my husband went over the vat threshold for a short period of time and his accountant (his son) didnt register him.He has now had a check and the figure of £69,000.00 was come up with, it has now been reduced to £41,000,00 because he didnt claim any vat on material ect. He didnt charge any vat on any work so it is not classed as fraud.They have been demanding this money very aggresivley for about a year and have now passed it to another department who will start bankrupcy proceedings. They have told him the debt is nothing to do with me and as the house is in my name they wont touch it .Does anyone think this is the case .I have a motgage on the house but only own half with a housing association owning the other half.We are both in our 60's and have been to CAB and the local council for advice and they feel bankrupcy is the only option.
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Comments
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Hello and welcome mellersh, I'm glad you have sought help with cab.
As far as I know your house is safe so don't worry there. Just bumping so someone who has been in a similar position can advice more.
Take care
ifwishes...x"If wishes were horses, then beggars would ride"
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O dear what a worry, as Wishes said good that you have seen CAB.
Again I am not sure of this situation but like Wishes I will give you a little bump
good luckThe worst cliques are those which consist of one man ~ George Bernard Shaw
Holiday Saving fund 2010 = £25.00
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the question is has he made any contribution to the house in any wayHi, 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 -
well in theory yes he has because the mortgage and rent has always come out of a joint account with both wages going in . I am now retired so dont make much of a contribution .0
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hi there,
Not 100 percent but if you are married and share bills etc even though its in your name if it was sold he could claim some equity and hence the OR might look at this.
Hopefully our experts will help further.
Sizzler:)0 -
okay, next questions, how long have you owned the house, how long has he been contributing and is there any equity in the propertyHi, 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 -
I have owned the house jointly with housing association for 13years .We pay rent on the other half. My husband has contributed all this time .If the house was sold half would go back to housing association and after mortgage was paid we would be left with approx.£55,000.000
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Is there any particular reason that it is only in your name rather than joint names. IE did you put in a bigger deposit at the start or something like thatHi, 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 -
The house is in my name because we had a slight hiccup and were not together for a short while and i was renting before i got the mortgage on this house.0
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I would think that since you have both contributed in equal measure as a couple that in any bankruptcy the trustee would try to realise half the equity. Because the house is currently in your name only the onus would be on the Trustee to prove he had an interest so this makes it more difficult for them but i think that they would probably go to the effort fot the amount of equity that is on offerHi, 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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