what happens to our flat

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Post by marcos » Wed Jan 30, 2008 11:50 pm
I bought a flat with a friend 6 months ago who has subsequently gotten into financial difficulties and is considering bankruptcy. If the official receiver goes after her, what happens to our flat where we both have an interest?


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Post by MelanieGiles » Wed Jan 30, 2008 11:53 pm
Hi marcos and welcome to the forum

Your friend's interest in the property will transfer to her Trustee who will want to sell this an pay the money to her creditors. They will give you the first option to acquire the equity, but if you are unable to raise the money then they are likely to take possession proceedings - but these cannot commence until at least one year after the date of her bankruptcy order.
Regards, Melanie Giles, Insolvency Practitioner
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