Independent insolvency company Mazars

paul1960

I was made bankrupt by HMRC  and the official receiver palmed me out to an independent receiver called Mazars ,who have literally doubled my original outstanding amount in their own fees, because it seen i have equity in my home which im forced to sell....i always maintained to the official receiver at my interview my intention to sell so as to pay back, but they went ahead and passed me on to Mazars knowing full well the amount these people charge,  I think this is scandalous,  if I were a renter, I'd pay nothing......any words of wisdom or help?...

Minkym00

This is how it works.. the OR sends a report to your creditors advising that you are bankrupt and that there is an asset. Then, any creditor (or group of creditors) that has more than 50% of debt, has the legal right to ask for an IP to be appointed as trustee to recover that asset. If HMRC is the majority creditor then it goes on a rota system and the next IP on the list is appointed as trustee. 

As as soon as you were bankrupted you lost the legal right to sell the property so that was never going to fly.

IP fees are ridiculous, true. But you had an asset you could have raised finance from to pay off HMRC, which begs the question, why didn’t you? 

mwarby

I’d never assume going into bankruptcy, that there would be anything left for you. If you thought there might be sufficient assets that this was possible an IVA is probably a better way to go as you pick the IP and have some control over things