purchasing the Beneficial Interest

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Rob Ken

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Post by Rob Ken » Fri Jul 23, 2010 7:42 pm
My Question is regarding purchasing the Beneficial Interest in a property after bankruptcy.

I have been informed by the OR that the BI is approx £2500, however when i first submitted a valuation at beginning of Bankruptcy my property was in negative equity. I have offered £1100, which has been declined...so i was wondering if anyone may have an idea of what figure i should be looking at offering. Also, i believe you are allowed only so many chances to submit offers before the OR logs it as not being able to reach agreement therefore retaining their interest in the property. Does anyone know how many times you can submit offers? AND what shuold be a realistic figure to put forward...i was hoping no more than £1700.

Any advice will be greatly appreciated.

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MelanieGiles

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Post by MelanieGiles » Fri Jul 23, 2010 8:15 pm
The equity calculation is always performed at the time the offer is subnmitted, regardless of what the value was at the time of the bankruptcy I am afraid.

I would try your offer of £1,700 as there is no limit to the amount of offers you put forward, and the OR would be unlikely to be granted the right to commence possession proceedings for such a low sum.
Last edited by MelanieGiles on Fri Jul 23, 2010 8:17 pm, edited 1 time in total.
Regards, Melanie Giles, Insolvency Practitioner
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