Landlord (private) has gone bankrupt, who owns?

Somerset

TonyWanKenobi wrote: »

The creditors specifically deal in bankruptcy, insolvency, IVAs etc. There nearest office is in London, we are not..

That sounds like an IP not a creditor.

TonyWanKenobi wrote: »

The debt collector, which has its official business listing type as Bailiff, is who have been contacting us since the initial visit by the creditor. Their nearest office is about 15 miles away.

And the IP has engaged a local bailiff company to report on the state of play on the property ?

wwl

Guest101 wrote: »

Just to clarify, (no offence here btw)
The debt collector (who may or may not also be a bailiff, much like anyone can have two titles) will not ever waste resources gathering intelligence when there is a bankrupt person to chase. It's totally useless.

Surely it might be useful for them to look for assets that had not been declared to the Official Receiver? As the OP does not appear to have been contacted by the OR it seems this might be the case.

Re. eviction - if the property is not readily rentable, it may well be in everyone's best interests to leave things as-is to avoid the property being left empty until it can be disposed if. Whether the OR will have the sense to see it that way is another matter of course - Civil Servent's aren't exactly know for having much imagination.

TonyWanKenobi

Somerset, i think you have hit the nail on the head. I am using the wrong terminology.
Again, sorry for this.

Guest101, yes I am confused, the main reason I am on this forum. I would imagine many people on here are confused. I was mearly appologising for my lack of knowledge and terminology which could be confusing other members

agrinnall

I still think you need to answer the question that I and others have raised about the basis on which you occupy the property - are you a tenant (i.e. you pay rent, either money or in kind) or are you there as a guest / house sitter?

Guest101

TonyWanKenobi wrote: »

Somerset, i think you have hit the nail on the head. I am using the wrong terminology.
Again, sorry for this.

Guest101, yes I am confused, the main reason I am on this forum. I would imagine many people on here are confused. I was mearly appologising for my lack of knowledge and terminology which could be confusing other members

Like I said I wasn't trying to cause offence, trying to clear it up actually:


Creditor: someone who is owed money (usually but not always a bank or other lender)
Receiver: Nominated by the court to receive the bankruptcy and administer any possible payments, on a pro rate basis to priority and then other creditors
Bailiff: someone who is employed or empowered by the courts to execute court orders
Debt Collectors: A random person/company who acts on behalf of, or buy the debt from, a company owed money, in the hopes of making a profit. Typically pay pennies to the pound for the debt - en masse.


I agree the 'creditor' sounds like the receiver in your case, the debt collectors/bailiffs could well be looking to make you homeless so they can seize the property.

TonyWanKenobi

agrinnall, sorry. I believe that from what has been described I would be a tenant, not paying cash rent but paying rent in kind. From what I have briefly read this is like acting as a caretaker, but instead of getting paid i get to live in the house.

Guest101 - " the debt collectors/bailiffs could well be looking to make you homeless so they can seize the property." This is my main concern, I really need to find out the correct story. Hopefully by speaking directly to the IP later I can find out if the debt is being dealt with as the LL has suggested. If they tell me that a charge on the house has not been put in place or there is no intention to, then I think you would be correct as I am sure the debt collector/bailiff will look to seize and sell the property ASAP

Guest101

TonyWanKenobi wrote: »

agrinnall, sorry. I believe that from what has been described I would be a tenant, not paying cash rent but paying rent in kind. From what I have briefly read this is like acting as a caretaker, but instead of getting paid i get to live in the house.

Guest101 - " the debt collectors/bailiffs could well be looking to make you homeless so they can seize the property." This is my main concern, I really need to find out the correct story. Hopefully by speaking directly to the IP later I can find out if the debt is being dealt with as the LL has suggested. If they tell me that a charge on the house has not been put in place or there is no intention to, then I think you would be correct as I am sure the debt collector/bailiff will look to seize and sell the property ASAP

Not quite how it works, apologies I over simplified it.


1: Your LL declares to the court all his assets (which would include where you live)
2: the receiver gets the file (including the list from point 1) and decides what is sold, what is charged against, what is spare in the bank etc etc.
3: Those assets etc are 'off-limits' they cannot be taken by anyone else.


The only reason to be fearful is if your LL hid the property where you live from the court. The creditors can look to enforce previous court orders against the 'unprotected' assets.


Really you should stop talking to anyone. If they try to go to court to seek possession of the property, you'll get paperwork served there. You'll know in advance of any court case.

TonyWanKenobi

Guest101 thanks, as I have said before I dont know what has happened upto this point so its possible he might have hidden it, i would have thought if he told them about it last Feb someone would have come round to check its condition or if it is inhabited before now.
As you said, I think I will leave it until I get some paperwork or something that puts all this in writing.
The property has substantial grounds to keep which is where I believe i pay rent in kind as it would cost quite a bit to maintain everymonth especially over the summer. I know there is nothing in place but should i keep an eye on this? If it turns out that the IP are seeking possession or they do have am I responsible for upkeep?

Thanks

silvercar

TonyWanKenobi wrote: »

Guest101 thanks, as I have said before I dont know what has happened upto this point so its possible he might have hidden it, i would have thought if he told them about it last Feb someone would have come round to check its condition or if it is inhabited before now.
As you said, I think I will leave it until I get some paperwork or something that puts all this in writing.
The property has substantial grounds to keep which is where I believe i pay rent in kind as it would cost quite a bit to maintain everymonth especially over the summer. I know there is nothing in place but should i keep an eye on this? If it turns out that the IP are seeking possession or they do have am I responsible for upkeep?

Thanks

Until such a point as you are served notice to leave or official changes to your (currently verbal) contract, you continue as now.

So if the (verbal) contract is that you maintain the grounds and pay no money as rent then that is what you continue to do.

If this becomes official then you would explain to the OR, the IP or whoever is officially entrusted with investigating the bankrupt's finances that you maintain the grounds in lieu of rent.

emmsie123

There is an easy to check if someone is bankrupt, a website that you go on.
But i cant remember what its called.
I've been bankrupt and none of this rings true
If they ring again tell them you know there lying scumbags and will call the police.
They shouldn't have given out personal info for starters that's against the law and once bankrupt the debts are gone and cant be chased.