Bankruptcy & Royalties

wheelie_haes

Hello,

I was fully discharged from a Bankruptcy in 2007, however the IP is still in receipt of royalties - generated from music / book written years previously.
Now, other than an initial list of my creditors I have never received a statement from the IP and I am thinking I must be close to a zero balance by now, so I want to try and do something about it, but have no idea where to start!

I know the exact figure I went Bankrupt for, and I know how much has been paid in royalties over the last 7 years, but what I don't know is the actual cost of going Bankrupt. The OR will have fees, I am sure I read somewhere the government add 20% on top of any final figure, and what about the IP who control my estate? They would have commanded a hefty fee for taking on my case and on top of that they have kept it open for 7 years, so there will be big costs there no doubt. My fear is they will just keep it going forever and I will never get my royalties back! I know I can make an offer to buy them back, but I need some figures before I can do anything.

If anybody can shed some light on this I would be grateful. I may need to get a Lawyer to help me, but again that is going to start adding further cost, so keen to get some rough numbers together first.

Thanks in advance.

patman99

Surely if you were fully discharged back in 2007, then any royalties paid to you from the date of discharge should not have gone to the IP.

JCS1

patman99 wrote: »

Surely if you were fully discharged back in 2007, then any royalties paid to you from the date of discharge should not have gone to the IP.

The copyright would be classed as an asset and so vests with the IP.

OP - have you read the chapter in the technical manual? http://www.insolvencydirect.bis.gov.uk/technicalmanual/Ch25-36/Chapter31/part10/Annex%201.htm#15

And I suspect the only way to found out how much fees, out of pockets expenses are, is to ask the IP for a breakdown.

debtinfo

Hi Wheelie, the costs you need to consider are the debts them selves plus statutory interest at 8%. Then there are the Insolvency service fees which are contained here http://www.insolvencydirect.bis.gov.uk/technicalmanual/Ch25-36/Chapter36/part1/part_1.htm
now that contains alot of information but the main bits thet apply are 36.11 and the following few paragraphs and 36.38 and the following few paragraphs

After that you have the trustees fees if as in your case a seperate IP has been appointed. now that is not set out in the same way and the creditors agree what rates the IP can charge, it is usually done on a sliding hourly rate scale is often measured in the thousands.

Hope that helps

longtermplanner

I have seen fees quoted which are over 30k. I am afraid there the only way to find out is to ask.