Trustee appointed writing to us 2 weeks 3 years after bankruptcy date

debt_doctor

My view of that notice is that it gives notice to the former bankrupt that the property will soon revert to them under s283.


The term 'qualifying property' just means that it is a property that s283 applies to (in that it is the home/former home of the bankrupt and /or their spouse or civil partner).


The 'information on the net' that you refer to is taken directly from the Insolvency Act 1986 and the Insolvency Service Technical Manual.


DD

kittykat31

It is all very confusing. Does this mean that they may have acted too late in my case too then?

debt_doctor

It remains my view that the OR/Trustee has to, within 3 years;


Apply to court for an order for sale
Apply to court for a Charging Order
Come to a formal agreement for the sale of the beneficial interest.
DD

kittykat31

So, according to my IP, an application for an order of sale was submitted on 9th August. I was only informed on 4th August that my case had been passed on to the IP. In the letter (4th August) the IP said she would 'draft an application for possession and sale of the property.... but it will not be her intention to enforce them initially and she will give me due opportunity for me to put forward proposals to purchase my inerest'. She later added that she 'strongly advises me to take independent advice on this letters contents before making any decisions'. So she gave me two working days before she submitted an application for possession and sale to get legal advise and make a decision. Can I argue that she didn't give me enough time to seek advice? I am waiting to hear back from a couple of solicitors but was wondering your thoughts on this? Oh and my hearing date for the possession and sale order is 4th october :-(

debt_doctor

According to one of your earlier posts you said the 3 year period ended on the 23rd August - so it looks as though the trustee has took action (on the 9th August) in the required time (just) by applying for an order for sale.
DD

debt_doctor

It must have been very disappointing (to say the least) to find out today of their application to the court on the 9th August.
I'm afraid that I think it is unlikely that the court will feel that you have not had enough time, as potentially, there has been 3 years notice.


In the first year, you have 'home rights' protection, but after that the law deems that the needs of the creditors outweigh those of the homeowner.

Are you in a position to make an offer for the trustee's interest?

DD

kittykat31

Thank you debt doctor. There is a small possibility I may be able to buy it back but I certainly don't have the whole amount. I keep making them offers but they keep refusing to accept them. Will the IP only accept an offer that matches the entire BI? I know my OR said he would accept an offer that was 75% of the BI but the IP isn't giving me any idea of how much would be acceptable.

Also, on another note, the house will be up for sale by the end of next week. what are your thoughts of paying the mortgage for the next few months? Is it worth me saving for the rent by not paying the mortgage? Once the house is sold the mortgage company will get it all back anyway. Or would doing this just make clearing up my credit file following bankruptcy over the next few years even harder?

mwarby

I'd think they're looking for 1 offer only, your absolute best offer. This isn't supposed to be an action or haggling, but about maximizing returns for creditors\insolvency service. If you offer 50% then 60 then 70 the OR\IP will likely form the opinion that there is more money available.

kittykat31

the most I could possibly give is probably £20,000 of the £30,000 BI (this would be from a family member). Has anyone had any experience of offering to buy back the bi at this late stage from the ip?

mwarby

Have you presented that offer ? I'd do so in writing, stating it is from a third party and is your best and final offer.

if you have any savings that could help eg if you had £1000 in savings say that the offer is made up of third party funds of £20k plus £1000 of savings. It might look better if the figure wasnt round for own savings (£1065 looks like its scraped together, £1000 looks like part of your savings)

given the £60k out of £90k is only 66% any indications you can give that you've put your all into buying BI might just swing the balance