does a trustee have to accept a 3rd party offer

[p_t]

Hi people. Can anyone help here.
In bamkruptcy does a trustee have to accept an offer from a third party to but out the interest in your property if one is made, or can they just sit tight and wait until the property prices rise and ask for an incresed offer based on the valuation or sell it from under you.
I ask this because my IVA variation was rejected with an offer to buy out my interest in the property by a third party. This offer was more than the actual equity in my home. If made Bankrupt creditors would recieve nothing at all. I only had one creditor at the variation meeting who voted and he rejested the offer.

I have been advised to take the offer of bankruptcy but I'm worried that the offer to buy my interest, (the same offer as before in the IVA) will not be accepted again. ?? Or is this not the case, do they have to accept the offer to buy the intetest??

Can some one please help as my IP is not helpful at all and claims that we are going to lose our house which ever way we turn.

please reply soon

Regards

Paul Turenr

[MelanieGiles]

Hi Paul

What an odd set of facts! Why did your Nominee not try and secure more votes at the meeting? Who was the creditor who rejected and what percentage of the vote did they have?

A Trustee is not obliged to accept any offer, but would be foolish not to accept if the offer represented at least the value of the asset being realised. Can you give me some more details of the amount of equity and the amount of the offer. This definately needs following up, and it may be wise for you to consider a representation of your IVA before you leap into bankruptcy.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[p_t]

The redemption on my Mortgage is aprox 124K and the current value from the estate agents (last 6 weeks)is 135K max. We offered 11k in way of a third party offer to buy out my interest plus a little extra as an incentive but it was rejected at the creditors meeting.
We have been using Accuma based in Manchester as our IP. The company who rejected the offer was MAX Recovery as they have now bought 30-35% share of our debts from the original lenders. No one else voted. Max recovery declined the offer based on it only returning 13p in the £ not the original 25p in the £
Our IVA supervisor today stated that she did try to contact some of the other creditors but had no luck in getting them to vote.
I have today asked our third party to increase the offer from 11K to 12K but I dont think they can raise the funds.
If this is the case then I dont have any choice but to declare myself bankrupt. Unless the IVA supervisor goes back and calls another creditors meeting to explain that there is no way we can raise any further funds, and gets Max recovery plus others to vote YES to the original 11K.
Im a little confused. If they dont accept, I will have to go bankrupt but the offer from the third party will still stand and the trustee or O.R will have to deal with accepting the third parties offer.
Can anyone see another senario to this set of circumstances? and am I within my rights to ask the IP to call another meeting even if there isnt a rise in the offer from the third party?


Any more help on this or advice would be much appreciated

p_t

[MelanieGiles]

p_t

Why has the dividend decreased from 25p to 13p?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[p_t]

We have not been able to keep up with the payments set at £503. Over 5 years, based on an original debt of £73K. My wife has had back problems. (2 slipped disks just after she gave birth some 3 years ago to our second child)The doctor has told her to sit for too long but she is a driving instructer and its hard not to sit, therefore she doesnt work as often and we dont bring in the cash required to keep up the payments. We do however get some help from the WFTC but not a great deal. We defaulted on our IVA after about 8 months, but we did contact ACCUMA for help on this. In our contract it stated the court would file for bankruptcy if we did default more than 3 times in total. This would happen automaticaly after the third occasion. It took ACCUMA 5 months to respond.They only did so when they had to submit a year statement to the court when they said we were 2 months in behind, but we knew we were at leat 5 months behind. I thought at the time this was a little odd and phoned them. I thought great!!! Ive miss calculated!!! But oh no. I hadnt they just didnt forward this in the year end report. Just that We had missed 2 payments but that they were working with us to resolve the issue. This wasnt the case though, Not at that time anyway, It is now. The reason given was that there had been a few changes in personel at the ACCUMA branch in Manchester and our file had been passed around.

I hope this shines a little more light on the issue. However it doesnt get any easier, I know.

WHAT A BLOODY MESS!!!

p_t