|
|
 |
 |
FORUM |
|
> Browse and post on our forum |
|
|
|
 |
|
 |
|
Note: You must be registered in order to post a reply.
To register, click here. Registration is FREE!
|
| T O P I C R E V I E W |
| mary.56 |
Posted - 09 August 2010 : 22:23:05
My daughter went bankrupt in December 2007. We jointly owned a field together which has just been sold. I was told that I would be entitled to half of the sale price of that field and now my daughters trustees are refusing to answer any of my e-mails and being evasive on the telephone with how much I am now going to get. They sold the field for £8,000 and advised me I would receive £4,000. Then I was told to put into writing that I was happy to accept £2,000 as they advised me they had to take their costs off first. I never received the cheque and now they don't know how much I am going to receive and cannot tell me. They informed me that I would be hearing within 3 weeks, that was over 3 weeks ago now. I have since found out that legally they cannot put me in worse position financially then I should be with the sale of the land and that they cannot take administration fees out of my half of the money to pay for my daughters bankruptcy. I am really distraught now, as I feel that I have been taken for a ride and I don't believe I will ever hear from them again. I now believe that they never had any intention of giving me any of that money. The field has now been sold at least 2 months and that money is sitting in their bank account. Please help me with any advice that you can give me as I am at my wits end now. |
| 6 L A T E S T R E P L I E S (Newest First) |
| Bridgewood |
Posted - 10 August 2010 : 15:30:39
Hi Mary
The IP could say that the "senior administrator" made a mistake in his discussions with you, and mis-calculated the amount due to you.
Until you get the actual information detailed in my earlier post there isn't much more you can do.
Chase them up ASAP in writing setting out your concerns and demand a response within 7 days - you are entitled to it - failing which make a formal complaint - there is no excuse why it should take over two months after a sale has completed for you to get your share, and an explanation as to how it is calculated.
Otherwise feel free to call us (ask for David) and I'll chase them on your behalf
Good luck
Bridgewood specialise in helping people deal with their debts and make the most of their financial situation - providing free, no obligation debt advice.
We can also setup a complete range of solutions including debt management plans, IVA and bankruptcy support. |
| Daniel Griffiths |
Posted - 10 August 2010 : 14:36:11
They must have had your authorisation to sell the land, they cannot sell it otherwise as legal title cannot pass to them on the jointly owned property of a bankrupt (your daughter) and non bankrupt (yourself)
I cannot see how land is different to property and normally a form J restriction is registered on a RX1 form notifying solicitors conducting any sale/transfer of the interest of the trustee in bankruptcy which would stop YOU selling it to someone else, without the permission of the trustee which is your situation in reverse, unless you have given authority to the trustee to dispose of the land then it all makes sense |
| mary.56 |
Posted - 10 August 2010 : 13:46:56
Hi to everyone, who has kindly replied and offered their advice, debt info, bridgewood, daniel griffiths. Thank you all this seems alot clearer. Unfortunately, I wasn't given the choice to sell the land, they took the title deeds and told me they were dealing with everything and I had to abide by what they said.
What I cannot get my head round is that The Senior Administrator of the firm who has always dealt with the case, phoned me approx 7 weeks ago now and asked me to put into writing by e-mail which I did that I would accept £2,000 as that was all that was left after charges had been deducted and he was going on holiday that night and wanted to get the cheque in the post to me straight away otherwise, I would have to wait another 10 days before he was back to work. This I did, when 3 weeks later, I still had not received the cheque I contacted him and was advised that he had been hauled over the coal twice before for quoting incorrect figures and he didn't now know how much I was going to get if anything at all.
Surely they cannot get away with this and the fact that I have had no further correspondence from them makes me think will I?
|
| Daniel Griffiths |
Posted - 10 August 2010 : 13:13:07
I am presuming you allowed the trustee to sell the land, instead of you and the bankrupt selling it yourselves which may have resulted in a better price, but mainly giving you more control as one of the sellers, the solicitors acting would have acted in your interests, however as the trustee has been allowed to conduct the sale you are at the mercy of their costs which includes their legal costs and fees. |
| Bridgewood |
Posted - 10 August 2010 : 08:53:52
Hi mary.56
I am sorry to hear you are having problems getting information from an IP on what should be a simple matter.
As debtinfo says, the only costs the IP can deduct from the sale proceeds are the agents and legal fees associated with the sale of the land.
I would do a letter, sent recorded delivery, to the trustee asking him/her to confirm in writing within 7 days what the actual current position is with regard to the sale of the land, and state that you expect to receive 50% of the sale proceeds after deducting reasonable costs of sale. You should also request a copy of the completion statement and the agents and solicitors bills just in case you want to challenge them.
If you don't get a satisfactory response your best course of action is to complain to the IP's licensing body - ask the IP to provide you with their details and his/her written policy for dealing with complaints against him/her
Good luck
Bridgewood specialise in helping people deal with their debts and make the most of their financial situation - providing free, no obligation debt advice.
We can also setup a complete range of solutions including debt management plans, IVA and bankruptcy support. |
| debtinfo |
Posted - 09 August 2010 : 22:42:29
They cant take your half to pay her bankruptcy debts but they can deduct the costs of the sale and the work done. Just like with a house that you sold yourself the solicitors and estateagents would be paid first and then you would split the rest 50:50 |
|
|
| bankruptcyhelp.org.uk Forum |
© bankruptcyhelp |
 |
|
|
|
|
 |
|
|
|
|
|
