Wrong assumption?

tigerfeet2006

I've noticed several times of late people saying that 'after all the OR works for you'. I was always under the assumption that the OR works for the creditors trying to get as much as they can for them. Is this wrong?

fermi

The OR is a public servant (Civil servant) and therefore doesn't "work" for either.

Instead the OR has statutory duties and responsibilities to both the creditors and the bankrupt to administer the case fairly.

There is a lot of info regarding the OR and Insolvency Service's legal framework and it's responsibilities on the IS website.

tigerfeet2006

Cheers sweetie, I knew I could rely on you to give me a proper answer.

BTW am still waiting for a reply from MSE Might do it anyway.

gratton20

What Fermi says is quite true. Mind you since I paid him £335 I would think it reasonable to be able to say "Hey come on .. be fair" after all he got my money not the creditors LOL

tigerfeet2006

gratton20 wrote: »

What Fermi says is quite true. Mind you since I paid him £335 I would think it reasonable to be able to say "Hey come on .. be fair" after all he got my money not the creditors LOL

Hhhhmmmm! that sounds reasonable. Didn't think of it like that

Posthinking

More info here http://www.direct.gov.uk/en/MoneyTaxAndBenefits/ManagingDebt/CourtClaimsAndBankruptcy/DG_10023215

which may answer a few other questions too

fermi

There is lots of info about how the Insolvency Service is organised and regulated here:

http://www.insolvency.gov.uk/aboutus/aboutusmenu.htm

Plus full details of all the complaints procedures you can follow if you feel you have been treated unfairly here:

http://www.insolvency.gov.uk/guidanceleaflets/complaints/complaints.htm

which includes an independent adjudicator and ombudsman if any complaint is not dealt satisfactorily by the IS themselves.

The £335 deposit is most definitely a deposit against the IS's costs. The balance of account sent to me regarding my BR recorded a fee of about £1300 due to the IS from any funds recovered from the estate in my case (never paid:o) and I'm told this cost can be many many times this for complicated cases. (would be interesting to find out exactly some time).

tigerfeet2006

Thanks guys. Most appreciated.

debt_doctor

fermi wrote: »

There is lots of info about how the Insolvency Service is organised and regulated here:

http://www.insolvency.gov.uk/aboutus/aboutusmenu.htm

Plus full details of all the complaints procedures you can follow if you feel you have been treated unfairly here:

http://www.insolvency.gov.uk/guidanceleaflets/complaints/complaints.htm

which includes an independent adjudicator and ombudsman if any complaint is not dealt satisfactorily by the IS themselves.

The £335 deposit is most definitely a deposit against the IS's costs. The balance of account sent to me regarding my BR recorded a fee of about £1300 due to the IS from any funds recovered from the estate in my case (never paid:o) and I'm told this cost can be many many times this for complicated cases. (would be interesting to find out exactly some time).

Hi Fermi,

In my area, typical IS costs, including estate agent fee's where they have had to deal with the disposal of a property ( assett funds permitting of course ! ) is approx £ 10,000.
This is the figure I use at work as a bargaining chip with creditors who issue a statutory demand against a client.

Best wishes

DD

fermi

debt_doctor wrote: »

In my area, typical IS costs, including estate agent fee's where they have had to deal with the disposal of a property ( assett funds permitting of course ! ) is approx £ 10,000.
This is the figure I use at work as a bargaining chip with creditors who issue a statutory demand against a client.

Thanks.

That's about the figure that I've seen quoted on other forums as being the ball park figure in more complicated cases (as you say, ones involving property etc). Didn't want to quote it earlier as I wasn't sure, but it's nice to have that confirmed from another source.

rog2

fermi wrote: »

The OR is a public servant (Civil servant) and therefore doesn't "work" for either.

Instead the OR has statutory duties and responsibilities to both the creditors and the bankrupt to administer the case fairly.

I agree that this SHOULD be the case, although judging by the experience of some posters, and the high level of inconsitency reported on these boards, one can easily be tempted to think that there is more bias towards the interests of the creditors.