advice please on whether i should

nwest_girl

have been advised by payplan to go for bnkrupcy, one charging order on house another following shortly, so need to make quick decision. I disposed of an asset in november (car £11000.00) paid into my wifes account to pay for among other things home improvements in the hope of possibly releasing equity to offer settlements to creditors. Now not possible but what will happen in bankrupcy when questioned on why i did this. Wish I hadnt but need to decide what to do. Please advise as soon aspossible. Thanks.

plumduff-2

You need a hell of a lot more advice to make the BR decision...

1. Due to the property issue
2. Disposing of an asset - could mean you get a BRO
3. Are you eligible for an IPA
4. Does your occupation debar you from BR

Others may be more qualified to help you...

My advice - go and log on to DHUK forum and ask brin for help - he's a fully qualified Insolvency Practitioner and will give you free and unbiased advice..

nwest_girl

thanks for reply, there as small amount of equity, but another charging order will soon dispose of that. Self employed but as a labour only, house is jointly owned
i think prob ipa, accept bru likely but anything worse possibly happen.

Richard_S

nwest_girl wrote:

have been advised by payplan to go for bnkrupcy, one charging order on house another following shortly, so need to make quick decision. I disposed of an asset in november (car £11000.00) paid into my wifes account to pay for among other things home improvements in the hope of possibly releasing equity to offer settlements to creditors. Now not possible but what will happen in bankrupcy when questioned on why i did this. Wish I hadnt but need to decide what to do. Please advise as soon aspossible. Thanks.

Hi nwest girl (& boy)

The only reason that disposing of an asset is likely to result in a BRU / BRO is if it was done deliberately to frustrate a creditor(s). If you've only just been advised that you should declare bankruptcy then what you did in November shouldn't have any bearing. You can actually demonstrate that the money was spent on the house which is completely different to it just disappearing.

Richard

plumduff-2

It could be seen as worse than that - he sold off an asset £11K and put it into wifes account, they would have to show exactly where this money went or the OR could try say it was a transaction at undervalue (or something like that) and demand the monies back fromt he wife...

OP definately needs to speak to an IP.

Richard_S

plumduff-2 wrote:

It could be seen as worse than that - he sold off an asset £11K and put it into wifes account, they would have to show exactly where this money went or the OR could try say it was a transaction at undervalue (or something like that) and demand the monies back fromt he wife...

OP definately needs to speak to an IP.

It's always worth taking professional advice but surely CCCS, Payplan or CAB are the best people to contact for that. Our bky was a result of a business failure and we disposed of every asset we could lay our hands on to keep the business afloat and it's never been mentioned.

plumduff-2

I think in the OPs circs, They need proper advice from an IP...

I would recommend setting up a free interview with Grant Thorntons or speak to brin on DHUK forum...

Richard_S

plumduff-2 wrote:

I think in the OPs circs, They need proper advice from an IP...

I would recommend setting up a free interview with Grant Thorntons or speak to brin on DHUK forum...

We had two free interviews with IP's prior to our bky, one I wouldn't trust with a barge pole and the other was really professional and competent but didn't say anything that CCCS hadn't already told us. As for firms of accountants - never in a million years.