Trustee appointed - what happens now?

onward

I've received a letter today from the OR saying that a trustee has been appointed for my estate to deal with the selling of my assets.

The letter also states that if I have entered into an IPO or IPA I need to discuss this with the trustee, and that any further questions about my affairs will be dealt with by the trustee.

Does this mean my dealings with the OR are now over? Will the trustee be the one who decides about an IPA (no-one has ever mentioned it to me yet)?Also, does anyone have any idea of the timescales involved?

The only asset I have is my home, and I'm rather nervous about how fast things will start moving if they decide to sell it, as I'm only just breaking even money wise (with help from family) and have no money to use for a deposit for renting anywhere, so if they make me move out, I'll be homeless (and that may mean jobless too).

I don't think there is any equity in the house, maybe a few thousand at most, and I'm a bit nervous about how fast these professional firms move at releasing any money they can get.

onward

I should add that I also 'had' a limited company, although I am no longer the director (in fact, it doesn't have one anymore) and it has not traded for a couple of months.

Could this be the reason a trustee has been appointed? The business has no assets.

sizzler

Hi ther,

not hundred percent sure but when a LTD company liquidizes or goes insolvent a trustee is normally appointed to sort out the afffairs and assets.

sizzler:)

sizzler

Try this link some good info.
http://www.insolvency-advice.co.uk/Bankruptcy/Official-Receiver-Trustee.php

nervousmother

Onward do you have children? i do know if children are involved they cant do anything with the family home for 1 year after the BR date. i am not sure if the same rules apply if you live alone.
I will warn you to expect the worse as far as trustees are concerned. The trustee must think there is enough money in 'your estate' in order for his fees to be paid.. otherwise they wouldnt ahve taken you on.
I had alot of ups and downs with our trustee, however we did receive early discharge 6 months after goign Br.

sizzler

Hi NM hope you ok thanks for extra info sizz:)

onward

NM - no, no kids, just me in the house.

I've read a few old posts on here and some folks seem to have had an 'ok' trustee.

I guess my only hope is that my estimation of the value of the BI is near to the mark, and that I can find someone to buy it for me. The only other reason someone would be taking on my estate would be to formally close down the business, but I can't see how they'll make any money doing that.