Bankruptcy and Car

immoral_angeluk

Mouse1812 wrote: »

Nothing about that in here indeed all it says

"If the vehicle has no realisable value, the finance company should be informed, by letter that the official receiver does not intend to adopt the agreement. The finance company should also be notified of the location of the vehicle, as in the address of the person who retains control of it"

I will try and get chance to find the relevant section if the technical manual once I get to my proper computer. But I'm away this weekend so if I don't get chance it'll be Monday.

Unless of course fermi or debtinfo can post it before I do...

PippaGirl_2

This bit I think she means?

From the value of the vehicle in question, the official receiver can then decide whether there would be any benefit to the estate in realising the vehicle. If there is no equity, the official receiver should inform the hiring owner that he/she does not intend to deal with it and that arrangements should be made to collect it as soon as possible.

immoral_angeluk

PippaGirl wrote: »

I found it. It's here

7) Vehicles subject to finance agreements
(September 2008)
Generally, where a vehicle is the subject of a finance agreement, the official receiver must consider the type and terms of the finance agreement before deciding on the course of action to take. For further information see Case Help Manual part – Assets Subject to Credit
The terms of any hire purchase, conditional sale or leasing agreement usually gives to the other party to the agreement (referred to hereafter as the hiring owner) the right to terminate the agreement in specified circumstances. These circumstances will usually include the making of a bankruptcy or winding –up order and will generally allow the hiring owner to take back the vehicle.
Where a vehicle is subject to a finance agreement, the official receiver should contact the hiring owner. This contact should be by telephone in the first instance, followed up in writing. The official receiver needs to know the nature of the agreement, the amount outstanding under the agreement and the settlement figure required to conclude the agreement and obtain ownership.
From the value of the vehicle in question, the official receiver can then decide whether there would be any benefit to the estate in realising the vehicle. If there is no equity, the official receiver should inform the hiring owner that he/she does not intend to deal with it and that arrangements should be made to collect it as soon as possible.
Where the value of the vehicle is sufficient to allow for a surplus after settlement of any debt to the hiring owner and payment of the agent’s costs of sale, the official receiver should approach the hiring owner for his consent to a sale by the official receiver. Where the likely equity from such a sale is borderline, the official receiver can come to an agreement that the hiring owner dispose of the vehicle and hold any surplus to the official receiver’s order. Such decisions should only be made by the examiner and any relevant correspondence should be passed to them for consideration as soon as it is received.
No action should be taken by a case officer in this regard without the prior agreement of the examiner.
If a vehicle subject to finance has a cherished/personalised registration mark the official receiver will need to establish whose name is on the registration document for that vehicle. It is the registered keeper of a vehicle that has the right to transfer the registration mark, so where a finance agreement is in place, if the finance company are the registered keeper of the vehicle, they will have acquired the rights to that registration mark.
For more information regarding vehicles subject to finance that have a cherished/personalised registration mark, see TM Chapter 31.2 – Motor Vehicles, paragraph 31.2.15A

Much appreciated.

immoral_angeluk

PippaGirl wrote: »

This bit I think she means?

From the value of the vehicle in question, the official receiver can then decide whether there would be any benefit to the estate in realising the vehicle. If there is no equity, the official receiver should inform the hiring owner that he/she does not intend to deal with it and that arrangements should be made to collect it as soon as possible.

She....

Ah you edited it before I hit enter... Lol!

mysterio_2

and 99.9% finance agreements regards vehicles always have a bankruptcy clause in the paperwork somewhere

PippaGirl_2

immoral_angeluk wrote: »

She....

Ah you edited it before I hit enter... Lol!

lol yup spotted the avatar and thought that aint no he!

Mouse1812

pippagirl, can you post a link to your source please, many thanks

PippaGirl_2

Yep tis here from the insolvency service manual online

Mouse1812

Thanks Pippagirl, that's dated September 2008 and does not say quite the same thing as my source dated January 2012. Yours is case help manual, mine was technical manual.

PippaGirl_2

ah ok, have you got a link to yours?