Are insolvency Practitioners duty bound to give you info?

VinJones99

At present I do not know what monies were recovered by the sale of the two properties or how much I finally owed (figures were mentioned at my interview).
Since a private firm has taken over my affairs from “The Insolvency Service” I have had no feedback or information from them, despite paying £490pcm with a IPA.
Emails are short and not really informative. I have also been through a divorce which complicates things.
2 properties were sold, one of which I held jointly with a business partner. This property was sold well below the market value to the business partner by the OR. The OR did not manage to get an independent valuation due to stalling tactics by my former business partner.
I of course complained but nothing was done. What is their duty?
Your advice is greatly appreciated.

Stuart0013

The appointment of a Trustee in Bankruptcy is a public matter and as such, if you call your Official Receiver they will tell you who it is.

If you call the trustee and request a copy of a 'Summary R&P' they should probably send you it. This will detail all the monies that have been paid into and out of the bankruptcy estate since the date of your bankruptcy. As far as I am aware, the only statutory duty of the trustee to the bankrupt regarding providing information, is telling them when there is to be a general meeting of creditors. (So I would ask them very nicely for a copy of it.)

How did you know that the property was sold well below market value? Did you obtain a independent internal valuation or is this just what you 'reckon'? The OR would have sold its interest in the property to your business partner. The amount it would have received would have been, the equity of the property minus the potential costs of sale. So could appear smaller than you were expecting.

Also, are the costs and liabilities likely to be paid in full and will you receive a surplus? If not, I am not sure why you care about what the property sold for.

As far as I am aware, the sale of an asset at undervalue is a matter for the creditors, unless there was a potential for the costs and liabilities of the bankruptcy in full.

I hope the information provided helps and I apologies if the tone of my response sounds a little harsh.