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    • roughsea
    • By roughsea 17th May 17, 6:19 PM
    • 70Posts
    • 13Thanks
    Bankrupt & expensive ring
    • #1
    • 17th May 17, 6:19 PM
    Bankrupt & expensive ring 17th May 17 at 6:19 PM
    Im now bankrupt and waiting on a phone call from the OR but not sure how to deal with a ring i own which is worth about 2k.

    The ring has sentimental value as well and would not want to lose it.

    Can i ask one of my friends to buy it from the OR as guessing it will be valued at trade price rather than what a shop would sell at ?

    Any help appreciated
Page 1
    • TheGardener
    • By TheGardener 17th May 17, 8:48 PM
    • 2,302 Posts
    • 2,201 Thanks
    • #2
    • 17th May 17, 8:48 PM
    • #2
    • 17th May 17, 8:48 PM
    Personal jewellery such as engagement rings are not normally considered unless very high end. I think 2K would be about the limit though. Will the OR see the expenditure on the ring in your bank/credit card statements? If not then I guess its up to you whether you declare it?
    • roughsea
    • By roughsea 17th May 17, 8:56 PM
    • 70 Posts
    • 13 Thanks
    • #3
    • 17th May 17, 8:56 PM
    • #3
    • 17th May 17, 8:56 PM
    its listed on my home insurance policy for loss outside of home.

    2k valuation was for insurance to replace so guessing to will be valued at trade/ wholesale price and hoping a friend will be able to buy it from the OR

    Also not sure if i can get it off my finger as been there for years
    Last edited by roughsea; 17-05-2017 at 9:20 PM.
    • LincsPaul
    • By LincsPaul 18th May 17, 12:53 AM
    • 131 Posts
    • 66 Thanks
    • #4
    • 18th May 17, 12:53 AM
    • #4
    • 18th May 17, 12:53 AM
    Sorry to jump in but does the OR look at your home insurance policy? I know they have the power to but would they? Hope you get to keep it, or at least have it bought back at a fair price (they can play hardball there).
    • mwarby
    • By mwarby 18th May 17, 7:55 AM
    • 828 Posts
    • 309 Thanks
    • #5
    • 18th May 17, 7:55 AM
    • #5
    • 18th May 17, 7:55 AM
    Maybe get it valued at a pawn shop. Then tell the OR you have this ring which has a big sentimental value, you have it insured for 2k but have just had it revalued and was only worth (pittance these shops will offer)
    • debt doctor
    • By debt doctor 18th May 17, 8:10 AM
    • 4,253 Posts
    • 5,932 Thanks
    debt doctor
    • #6
    • 18th May 17, 8:10 AM
    • #6
    • 18th May 17, 8:10 AM
    Hi, A bit of light reading from the Technical Manual..........

    31.10.16 Engagement Rings The general principle is that an engagement ring constitutes a gift conditional on an event taking place (for example the marriage or civil partnership) and the ring does not pass as property to the recipient until the marriage has taken place [note 24][note 25]. If the bankrupt!!!8217;s fianc!(e) can prove that the funds to purchase the bankrupt!!!8217;s ring came from his/her own funds (rather than those of the bankrupt) then the ring will not form part of the estate. If he/she cannot prove this, or the marriage/civil ceremony took place before or during the period of bankruptcy, then the official receiver may claim an engagement ring held by the bankrupt as an asset or after-acquired asset !!!8211; whichever is appropriate according to the date of the marriage/civil ceremony.
    It follows that an engagement ring given by a bankrupt to his/her fianc!(e) may also be recoverable as an asset where the wedding or civil partnership has not taken place before the date of the bankruptcy order. Section 339(3)(b) also allows for a transaction given in consideration of marriage or the formation of a civil partnership to be claimed as a transaction at undervalue, as long as the transaction takes place within the relevant time as detailed at section 341.
    The transfer of an engagement ring by a bankrupt to his/her fianc!(e) or proposed civil partner might also be recovered as a disposition of property under section 284, where the transaction occurs between the date of the presentation of the petition and the vesting of the bankrupt!!!8217;s estate in the trustee.
    In all cases the ring should, of course, be of sufficient value to warrant the costs of sale, and official receivers should not take engagement rings as a matter of course. Where possible the best course of action may be to effect a sale of the ring to a family member or other third party introduced by the bankrupt for an agreed sum, according to the value of the ring as at the date of sale.

    31.10.17 Wedding rings Weddings rings constituting a simple gold band will generally have a low financial value.
    Consideration has been given to the symbolism of a wedding ring and, taking into account the circumstances in which a wedding ring is given, in most cases it is unlikely that it will be appropriate for the Official Receiver to claim a wedding ring as an asset in the bankruptcy.
    In circumstances where the wedding ring appears to be considerably more intricate or unusual and may possess a high financial value (e.g. where it is set with precious stones) then the official receiver may consider obtaining a valuation of the wedding ring, and if of high value, selling the ring and providing sufficient funds to the bankrupt to purchase a replacement simple gold band. Where the bankrupt does not wish to retain a wedding ring (possibly where he/she is divorced or their civil partnership has been dissolved) the official receiver can realise the wedding ring as appropriate. DD
    Last edited by debt doctor; 18-05-2017 at 8:13 AM.
    Debt Doctor, Debt caseworker, Citizens' Advice Bureau .
    Impartial debt advice services: Citizens Advice Bureau Find your local CAB *** National Debtline - Tel: 0808 808 4000*** BSC No. 100 ***
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