Trustees to issue proceedings

bankrupcyrollercoaster

I posted last year about the fact that the trustees in my bankruptcy changed 8 months ago just over 2 years into my bankruptcy 
Since that time I have been in contact with the trustees because they have overvalued my equity in the family home significantly (as I've also previously posted about) to date they still will not accept this despite  three different  local estate agents providing valuations that demonstrate the overvaluing.

The trustees, via their solicitors, have asked for offers to be sent on the house in the middle of February which my husband has done, we didn’t hear anything from then until an email from the solicitors on 25th March stating that due to the covid-19 virus they would now be communicating via email rather than mail as previously and asking for an email address for my husband.  In the same email they stated that because there is only just over 2 months left before the value of the house reverts back to me they are now issuing proceeding, but in the meantime they are willing to accept offers and would be emailing my husband with a response to his offer made in February.

We are assuming from this that the offer he has made hasn’t been accepted, he  still hasn’t  received an email from them.

So will the proceeding be to evict us from the house? and if so would that give us 28 days to move?  How would that work in view of all the current restrictions?
Sorry to sound so clueless but I can’t find anything about this when I try and research it so was looking for experience from you on here as so far getting no anser from the trustees solicitors either.

sourcrates

As far as i am aware, all evictions have been suspended for at least 3 months.

However, i would run this past National Debtline, if you can get through to them, as the situation is quite fluid, and the Government has not yet given much clarity on who this will affect.

Minkym00

The “proceedings” will be an order of possession. The trustee will have to apply to court for this and, certainly at the moment, this will not be a quick process. Most courts have adjourned everything for a number of weeks, and then they will have to catch up on all those adjourned hearings. This should  give you some breathing space. I would use the time to keep plugging on at them that their valuation is overpriced. 

fatbelly

Stay polite and offer to get three new valuations. Values have obviously slumped but it's hard to say by how much

Minkym00

It is also worth considering the following...

Who was the majority creditor than nominated the IP, and is the beneficial interest that the IP is trying to obtain from
you going to pay off all creditors 100p in the £1 PLUS pay the IP’s fees? If not, you could consider contacting the majority creditor and explaining the situation that the IP is not acting in their best interest by racking up more fees and wasting time (whilst the property market could take a tumble). Might not work, but worth a bash. 

bankrupcyrollercoaster

Minkym00 said:

The “proceedings” will be an order of possession. The trustee will have to apply to court for this and, certainly at the moment, this will not be a quick process. Most courts have adjourned everything for a number of weeks, and then they will have to catch up on all those adjourned hearings. This should  give you some breathing space. I would use the time to keep plugging on at them that their valuation is overpriced. 

Thank you we will.  
We really dont want to move and if the correct amount of equity was being asked for then we could afford to buy my share out.
A further added complication is that there is another property abroad (which i realised i have not mentioned in this post), however they arent issusing processedings on that one and my share is / or was before the virus kicked off only approx 5,000 euros 

bankrupcyrollercoaster

Minkym00 said:

It is also worth considering the following...

Who was the majority creditor than nominated the IP, and is the beneficial interest that the IP is trying to obtain from
you going to pay off all creditors 100p in the £1 PLUS pay the IP’s fees? If not, you could consider contacting the majority creditor and explaining the situation that the IP is not acting in their best interest by racking up more fees and wasting time (whilst the property market could take a tumble). Might not work, but worth a bash. 

I asked the trustees who the creditors were that called for a change in trustees in the first place and they won’t tell me, stating data protection.

My case isn’t a straight forward situation because it involves a limited company for which I was 1 of 3 directors going into liquidation, the bank then called on a personal guarantee for the overdraft to be repaid which led to all 3 partners having to declare bankruptcy.
The 3  major creditors would be HMRC , the bank and a couple of credit card companies. So I’m not sure who to contact for the best.

The whole situation seems to have been handled very tardily, I’m not sure if that is normal 

bankrupcyrollercoaster

fatbelly said:

Stay polite and offer to get three new valuations. Values have obviously slumped but it's hard to say by how much

Thank you for the suggestion.  I'm always polite to them even when they frustarate the life out of me, theres no point causing issues for no reason.
At the moment its going to be impossible to get new valuations due to the current situation with the virus and by the time the 12 weeks possible shutdown is up it will be past the date they can act. They have stated in the email to me that they wont allow that to happen which is why they are issusing proceedings, or told me they would be in the email to me on 25th March i have questioned if thats possible for them to do so but they havent replied yet.

I guess this is uncharted territory for everyone isnt it so we may just have to wait it out and see.

bankrupcyrollercoaster

I just wanted to say a big thank you to all of you who have replied.  I really appreciate all your comments and will look at some of the suggestions / recommendations put forward to see what i can get sorted.

bankrupcyrollercoaster

Minkym00 said:

It is also worth considering the following...

Who was the majority creditor than nominated the IP, and is the beneficial interest that the IP is trying to obtain from
you going to pay off all creditors 100p in the £1 PLUS pay the IP’s fees? . 

The amount they are seeking will i suspect just cover their fee.  
2 of the other partners in the firm have had their bankruptcy. handled by the same company, there was nothing returned to  the creditors from £25,000 collected from  the one and out of £45,000 collected from the other less than 3K was paid out to the creditors.  I feel it was an error on the creditors part to switch my case from the OR to the current trustees, but thats up to them i guess?

luvchocolate

I had properties  when I went B.R please do not underestimate the trustee fees. Mine came to just over 
£24000 .