old Bankruptcy

Jillybeans

Hi Guys,


Looking for some advice with something thats bugged my family for years, my parents business went bankrupt some years ago, were talking early 90's, but they dont seem to know who they owed or how much they never got a breakdown ??


There seems to have been so much money over years that has gone or they have never been paid out becuse they were told its gone to pay the trustees or it was paid to the bank, it always refers back to the bankruptcy, even when their mortgage ended mid 00's the endowment payment all went to the bank??


Is there anyway we can find out how much they owed and to whom? I really dont know where to start, I thought about starting with a subject access request to the bank and solicitors involved, I know the case went to court, would they have details or transcripts??


TIA

boo_star

Not really, no.

Besides, it's a nearly 30 year old debt that's been forgotten, why does it matter?

sourcrates

Hi,

Bankrupcy lasts 12 months, after which you are normally discharged.
They may have had to pay an IPA or a BRU, IPA`s (income payment arrangement) normally only last up to 3 years, but a BRU (Bankrupcy restrictions undertaking) can last as long as 15 years, but there would have been contact from the OR and paperwork if this were the case.

You can still be liable for certain debts in bankrupcy, unfortunatly with the passage of time its unlikley you will get any clear answers now, companies are only required to keep the last 6 years of data on file, so your task is nigh on imposible.

You can rest assured that whatever restrictions were imposed back then, they will have been lifted by now.

Minkym00

If your parents can remember he court where they were made bankrupt then try contact the OR’s office local to that court. Send them an email with your parents name, date of birth and address at the date of the order and ask them if they can provide the information you are after. If nothing else they should be be to advise the amount of bankruptcy debt.

Brock_and_Roll

Presumably the endowment payment all went to the bank because the OPs parents were allowed to stay in the marital home at the time rather than it being repossessed and sold to pay the debt?

Ronii10

Hi Tia Have you been able to get the information you needed?
I also have been in similar situation where bankruptcy has used all my finances and nothing is clear of how anything has been calculated. The bankruptcy has lasted ten years

mwarby

Ronii10 said:

Hi Tia Have you been able to get the information you needed?
I also have been in similar situation where bankruptcy has used all my finances and nothing is clear of how anything has been calculated. The bankruptcy has lasted ten years

Why are you bringing back a 6 month old thread? Discussing your rather complex bankruptcy and liquidation of the limited company in multiple places will just add to the confusion 

mwarby

I think it’s safe to say in general bankruptcy very rarely leaves anything left for the bankrupt. The fees for trustee or OR are huge, in part due to the fact that in many cases the bankruptcy doesn’t raise the insolvency service any more than the initial fee, so there is some cross subsidy at okay