Question about how to value assets with multiple components

theoretica

Well, failing to mention tennis trophies demonstrably can cause problems.  And would there be extra questions if you go on to sell anything? 

My idea of value would probably be what you might get from cash converters or something if you turned up with the whole camera kit/computer/whatever.  I am sure you cannot hide wealth just by splitting it up into lots of different similar items (but each gold coin is only worth £360, so why should I declare the chest of them?) but also do look out for overvaluing the second hand sale value of stuff that would be sold at general auction and not through specialist routes.

carrot42

Sonic101 said:

carrot42 said:

sourcrates said:

For the vast majority of people, bankruptcy is a non-invasive procedure, and most people who go bankrupt do not lose ANY domestic possessions at all.. 

No one comes to your house to make a list of the things in it.

The Official Receiver’s general approach is that you will be able to keep normal domestic objects providing they aren’t worth more than reasonable replacements. This applies to clothes, furniture, carpets, bedding, TV`s electrical goods etc. 

I would not even bother listing a computer, no one will be interested in what the individual components are potentially worth, its just a regular computer to anyone else, try not to overthink things.

The OR is only interested in tangible, valuable assets that will sell easily at auction, such as paintings/jewellery/designer gear etc, if you don`t have any of these things, then leave the page blank.

Thanks Sourcrates. Your answer leads me to one more question: if OR does not care about assets that much, maybe it is worth leaving pretty much blank page then even if there are valuables (within up to 10k range)? Because if OR will come back later, one could say that he simply forgot about them or it is a crime which will 100% lead to prosecution submitting "a little bit false" information about one's assets?

Dishonesty is to be discouraged.
Intentionally lying to the insolvency service  or hiding stuff is a criminal offence.  

Although the IS is not going to come round to someone’s house willy-nilly to check for valuables, they do have the authority/ability to look as far back as they want into a person’s financial affairs as far back as they want - so if there were transactions involving large purchases or transfer money these could alert suspicion; any the IS might also look at instance documents and suchlike.

As for  penalty for not declaring assets would depend on the level of deception - minor infringements might get a person a slap on the wrist and a short bankruptcy restriction order, serious deception possibly imprisonment. 

Also the person  would end up with a fraud marker on their credit file, which could prove to be a massive problem. Bankruptcy falls off file after six years and is ‘forgivable’, but fraud is a no-no.

Thanks for the answer. Can you please answer one more then: what if one is really to list all possible house assets and potential current 2nd hand value with each asset, how big is the chance that OR/IS will go for each of them? In other words if I list everything - does that mean that they will say "thanks for being honest - here is the address to send everything" or they may just cherry pick items they like and then leave some assets with me? Really interesting how this works because there is no clear answer, it is really subjective thing.

luvchocolate

I'm of the opinion any single item under 1k don't list. 
My car was valued at £1500 when we were allowed £1000 ..10 years ago now. I got to keep it no problem at all.