Hi, i went bankrupt in November had meeting with offical receiver in Dec who stated that i would not have to pay IPA/IPO due to low income and benefits being received for me and my family. I have a property with business partner which has equity in it and bus partner wont sell or buy me out for market value, as previously agreed hence why i have had to go bankrupt as i cannot afford debts which should of been paid off with property sale. Cause of this reason offical receiv has passed me onto trustees (solicitor) who would look into forcing the sale. Problem i have is they are being very difficult/rude and deem against me. Even tho off/rec said thay would have no interst in my home (£20,000 negetive equity) they have told us thay will consider taking it, They also claim they are considering making my wife sell her car. I was given the car in june by ex bus partner in part payment and because i owed my wife a large debt i gave her the car and it has always been in her name from ex bus partner. This was done way before bankruptcy was considered, the off receiver was happy about this and said there would be no problem. I am confused as it seems that the meeting i had with offical receiv was pointless and everything he agreed now seems to be reavaluated by the trustees. Is this right? my wife and i are very distressed. She has the car for sale to try and get some of her money back and they have told her she is not allowed to sell it! prob is she cant afford to keep it insured/running costs.I cant understand why i was allowed to pay other debts off in june (sofa loan c/cards) and not allowed to pay her? Surely trustees aren't going to recover all my debts i paid last year so why recover my wifes? please can you help
I'm afraid I can't help you with your query, but I will bump this up to the top so that one of the professional experts can see it and hopefully advise you.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I do not see how the Trustee can take your house from you as no judge would allow the repossession. It sounds like a scare tactic and you could inform the OR that the Trustee is dragging their heels in having the beneficial interest transferred.
As for the vehicle it was a preferential payment and can be set aside although from what you say there does not appear to be an 'intention to prefer'. Could your wife and the Trustee not reach agreement as to the proceeds of the sale and divide it up in some way?
If the property is in negative equity, and this is proven by way of an independent valuation and mortgage redemption statement, then the Trustee is unlikely to pursue any interest.
As Michael says the transfer of the vehicle given to you by your business partner is actually a transfer at undervalue and a preference, because your wife paid you no money for the car, and she appears to have been owed money by you and has thys been preferred.
As your wife is unable to pay for the running costs of the vehicle, then a sale seems inevitable in any case.
