Bankruptcy advice.

apz7

Minkym00 said:

That doesn't sound right to me. I'm sure that there would have to be a specific charge amount. Your parents will have been sent a copy of the final charging order from the court. Can you get it and tell me what it says?

My last paragraph was intended to answer the chasing of secured debt question, but wasn't clear. Basically once a creditor has a charge, they don't chase the debt as there's no point. It's secured, and will be paid. They have 12 years in which to apply for an order for sale. If any realisation of assets doesn't satisfy the charge in full, then the shortfall would vest in your father's bankruptcy.   

Yes I’ll try and get the correct documents, been busy with the business so haven’t had a chance to chase up on this at the moment.

As the properties would fall under negative equity and will not be able to pay off all creditors that have a charge on the property - does this not mean that it would be revested into my fathers name? or do they take as much as they can when they sell the property and leave my father with nothing?

It seems confusing to me - essentially what I’m asking in what conditions can the house be saved?

flipflopflo

As far as I can remember (and someone will correct me if I am wrong.) you cannot save the rental property as it is not your parents main residence. The property that is the main residence you can make the OR an offer to buy his interest at any time between the bankruptcy date and the 3 years and the OR is at liberty to accept it or not.

I really think you all should be talking to Business Debtline now.
https://www.businessdebtline.org/

Grumpy_chap

Icedrist is just adding comments of limited value to slightly aging threads.  Must need the post-count up so that they can spam to promote something or other.