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Zimmy
Posts: 16 Joined: Mon Dec 20, 2010 3:34 pmLocation: United Kingdom
what does assest not specifically pledged mean
sponge
Posts: 1094 Joined: Wed Sep 07, 2011 4:25 pmLocation:
MelanieGiles
Industry Expert
Posts: 47612 Joined: Tue Jan 09, 2007 10:42 amLocation:
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It means one which is not subject to any security held by a creditor or creditors.
Regards, Melanie Giles, Insolvency Practitioner
sponge
Posts: 1094 Joined: Wed Sep 07, 2011 4:25 pmLocation:
Melanie I'm trying to think for the life of me where that might be applied in practice?
Foggy
Posts: 33396 Joined: Fri Dec 17, 2010 11:14 amLocation: United Kingdom
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If you own a Picasso (painting not car) outright -- not being used as security for a loan or owt like that -- that is an asset not specifically pledged --- which means it's available for the creditors.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
sponge
Posts: 1094 Joined: Wed Sep 07, 2011 4:25 pmLocation:
Nicely put. Still if you have the car, keep it going for a few hunderd years and it might go up in value, then again maybe not
MelanieGiles
Industry Expert
Posts: 47612 Joined: Tue Jan 09, 2007 10:42 amLocation:
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It's simple:-
Regards, Melanie Giles, Insolvency Practitioner
