Assets under bankruptcy...

AdvicePlease

Thanks JCS1 that is a really useful reply - the examiner has already confirmed that she has referred her decision to the AOR (and the pending decision about my income/expendture statement with my new job) but I hadnt realised that I could respond to the decision made like that? Thanks for the advice

AdvicePlease

kation wrote: »

A couple of things:

(1) I'm assuming the OR is not interested in the horses as they aren't racehorses and they wouldn't be economical to have them valued.

(2) If the OR won't let you keep the saddles for nil payment (did you offer the valuation to them?Was it realistic?) then I would offer to deliver them to the OR's office ASAP, unwashed and smelling alot of horse, in an old cardboard box. If they insist that they are worth something, let them sell them - it is not your duty to sell the asset on their behalf. They can't just dump them...

The horse (singular) is not mine - this has been confirmed by the owner of the horse in writing to the examiner, so hence the horse itself is not an asset?

I rather like the second point

debtinfo

kation wrote: »

They can't just dump them...

They could actually dispose of them of they wanted to as they are assets that belong to the bankruptcy

AdvicePlease

debtinfo wrote: »

No 2 cases are the same, even if they seem superficially similar, that is why the OR is there, to make judgement calls.

I would add that all the OR's decisions are appealabe to the court if you feel that they are fundamentally contrary to a point of law.

I should also add that there are also occasions where an asset may lawfully be part of the bankruptcy. Ie it is not legaly yours to keep but where the OR may use their discretion to allow the person to keep it

Thanks debtinfo, another really useful reply - although your last paragraph underlines the subjectivity of a process which I had assumed was entirely impartial/objective!

JCS1

AdvicePlease wrote: »

Thanks JCS1 that is a really useful reply - the examiner has already confirmed that she has referred her decision to the AOR (and the pending decision about my income/expendture statement with my new job) but I hadnt realised that I could respond to the decision made like that? Thanks for the advice

No guarantees it will change anything, but it's worth a try.

debtinfo

AdvicePlease wrote: »

Thanks debtinfo, another really useful reply - although your last paragraph underlines the subjectivity of a process which I had assumed was entirely impartial/objective!

Well the OR's discretion is a part of the law so the im afraid that it is your assumption that is incorrect

AdvicePlease

Hmmmmm - what is that quote about the law being an !!!? I studied a module of law as part of my professional qualification and was taught that in that setting OPEX (or case law) is always used to inform future decisions....I may start a campaign that this should be the case with bankruptcy law

Thanks to all for some very interesting input, I started out on this thread taking everything incredibly personally I know but I have had some really useful and interesting input which has been really informative