Bankrupt Seeking Advice on Art

ukinsurancelinks

Me and my wife were declared bankrupt in Aug this year after about 6 months of trying to 'turn things round' (bankruptcy was result of our 7 year business failing, leaving us with unsustainable debts etc..). This left us with no car, no home etc...

Fortunately we are now in rented accommodation and trying to 'rebuild' our lives.

One of the few things that we have that the OR is interested in taking in an effort to 'repay creditors' are some works of art, 10 original paintings, of which 6 had been purchased and 4 were gifts from the artists, who had become a great freind.

Can the OR take all these paintings?

During the preceeding months / year before our bankruptcy, we had tried to raise some cash by offering some of these for sale on the internet + by contacting various auction houses, without success. The reply from all the auction ouses that we had tried was that the artist work had not been presented at auction before and without any auction sales record these paintings would not be offered for sale at any 'art sale' but would need to be placed in a general auction with estimates less than £300.

Any experience or advice on this appreciated.

Thanks

debt_doctor

The question is are these paintings of value or not ? I think it would be hard to prove that you needed them as the essential needs of yourself and your family ( thereby making them exempt )

It would be for the OR to fund the costs of valuation and sale. I think you should present your findings to the OR and question the real nett proceeds of the sale ie; valuation £50, auction costs £50, OR's time costs £150 ?????

Real value £50 ?? I suspect that the OR will ultimately 'offer them to you' to buy your interest in them for the real value.

Best wishes

DD