2nd taxi

[anna43]

We are almost certain that we cannot go through with the iva that was accepted and are almost certain that we are going to have to be made bankrupt.The driver who rents our car wants to pay off the remaining balance to the finance company and so take over the car. The insurance is due and we can't afford it.We are hoping this is ok in the eyes of bankrupcy as it is his means of earning a living and not his fault were in such a mess.

[Storm]

He needs to be paying the market value for the vehicle - if that is less than the outstanding finance then I wouldn't have thought there will be a problem but if the vehicle (inc the plate value) is greater than the finance outstanding then he will have to pay a market value, the finance provider needs to be paid and you need to keep the remaining amount for the OR.

Legally you will have to effect sale of the asset to ensure title is passed.

Depending on the type of finance agreement you have... you should be able to get an early settlement figure for paying off the finance early. Again any additional cash should be retained for the OR.

[anna43]

Storm, thanks for answering my questions about the driver paying the market value for our 2nd taxi, we are getting everything ready to petition for BR. Is there a time issue for our driver to pay for the car and us settle with the finance, for example, it must be done before 2 weeks of our initial contact with the court.