Post OR, part 2

london1973

Part bored, part fixated with this whole BR thing and part paranoid.....
What is actually happening behind the scenes right now, I appreciate the entire Insolvency Service aren't plotting my downfall but what are they doing?

To re-cap, declared BR by HMRC a month ago, c20 other creditors, genial meeting with OR 10 days ago, explained everything, not working so no IPA, possible interest in previous property but unlikely, no other assets,

What are they now doing?!

P.s have been contacted by water board and council who have been informed (both creditors)

NotEvanAPot

They will (very slowly) be compiling a report to creditors stating that the likelihood of recovering funds is unlikely. Coupled with verifying details you have provided, it is not overly complex.

Notice to creditors is actioned very quickly following BR order. The report is anything up to 12 weeks following interview(s).

london1973

Thanks Pot. I think I touched on the next question in a previous post but can the creditors 'appeal' any decision by the OR?
Let's say the OR decides not to try an unwind the sale of my previous property, which I think will happen, can creditors disagree and lobby for the OR to go after it, nothing to lose for them-suppose this assumes creditors know about the sale etc, not sure whether the OR tells them there is a potential asset, but it's in the public domain too I suppose

london1973

And what is the notice to creditors, is that just for information purposes?

NotEvanAPot

Notice is just that, Mr/Mrs X is bankrupt, details as below.

Creditors would need 3-5 of them to work jointly to even to call a meeting with OR for all creditors to attend - HMRC unlikely to entertain such a suggestion from a Plc if OR has said no further pursuit. Unless they have solid evidence to submit following report receipt, creditors must take what the OR says or spend time and money arguing their point.

However, if an IP were to be appointed by OR, 10% of debt value creditors or more can request the formation of a creditors committee. Again, view from a risk versus reward PoV, Plc has bigger fish to fry and HMRC will go on the advice of government department unless new evidence showed wilful attempts to deceive or hide in relation to assets.

london1973

Thank you Pot, concise and well informed as always