Bankruptcy- who deals with it, the OR or Trustee?

thissunday

Hi there,


I have a simple enquiry,


will be making ourselves bankrupt within the next few months,
we are on benefits, live in a private rented home, receive housing benefit (my husband has mental health issues).
The reason for our bankruptcy is due to the high court money judgement for several hundred thousand punds which were the repayment of directors loans from our LTd company, which has since gone into liquidation some 5 years ago.
The liquidator, who worked for the major creditor, was a nightmare, scared us to death.
I was told that becuase of our dire finacial situation and becuase of the absence of any assests or possibility of repaying this debt, the OR (Official Receiver) will deal with it, as apposed to a Trustee (the previous liquidator) which we much prefer.
This liquidator hated the fact we sold our house and had a very small amount of equity, before the case went to court, which he won. After 5 years and 3 months the equity is gone, so not sure whether he will have the right or want to take the case from the OR?
Is this the case?

TakeAwayKing_2

Hi there
Is your liquidator based in London?
Initially the bankruptcy will be dealt with by the Official Receiver but the Liquidator can apply to be trusted if he is still backed by the major creditor and if he wants to try to reverse the house sale or carry out any other specific investigation.

dojoman

TakeAwayKing wrote: »

Hi there
Is your liquidator based in London?
Initially the bankruptcy will be dealt with by the Official Receiver but the Liquidator can apply to be trusted if he is still backed by the major creditor and if he wants to try to reverse the house sale or carry out any other specific investigation.

How could he reverse the house sale?

TakeAwayKing_2

Apologies - reverse any negative impact on financial situation as a result of the house sale

thissunday

How can he reverse a house sale that happened over 5 years ago???,

Johno100

TakeAwayKing wrote: »

Hi there
Is your liquidator based in London?
Initially the bankruptcy will be dealt with by the Official Receiver but the Liquidator can apply to be trusted[sic] if he is still backed by the major creditor and if he wants to try to reverse the house sale or carry out any other specific investigation.

Nope, that would be a massive conflict of interest. The major / majority creditor would have to pick another firm of Insolvency Practitioners.

TakeAwayKing_2

He would disclose the fact that he was liquidator of ltd company to the or and confirm that he didn't consider he had a conflict.... Crazy though it sounds.

He could even go as far as to say that the fact that he was liq on the ltd co meant that he had a better understanding of the position and so was in the best position to be trustee. With the major creditors consent it happens.

Thissunday - by getting the bkt to pay up any difference.