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| T O P I C R E V I E W |
| John.E |
Posted - 18 July 2011 : 22:13:49
I am the director of a Ltd company,I currently own, in my own name, 4 properties inclusive of the one I am living in. There is about £450,000 in equity but these properties are tied in with a freezing order from the courts as part of my ongoing divorce so I cannot sell them to release the equity and pay my debts.
Added to this I owe a directors loan of £600,000 for the purchase and the building work required to refurbish these houses.
I have £170,000 in debt, most of which is to the bank and credit cards. My question is;
If I go personally bankrupt, what would happen to the houses? and would the company get back the money it loaned to me before other creditors or equity is paid to me?
Also there is another house which is the marital home, what would happen to this one as this is jointly owned by me and my exwife with her and the children still living in it? Please could someone offer some wisdom? |
| 2 L A T E S T R E P L I E S (Newest First) |
| Bigal4787 |
Posted - 21 July 2011 : 19:46:31
Hi,
1.Are the properties anything to do with the company?(i.e property management etc?) or was it a private venture using company funds?
2. Are they BTL?
3. The marital home, has your estranged wife made any aplications inder the matrimonial homes act, as this gives her certain rights in relation to the house, which would make it difficult to deal with in bankruptcy.
Big Al
Insolvency examiner with the Insolvency service from April 2008 - July 2010.
If you need help completing SOA's(statement of affairs) or PIQ's(preliminary information questionnaire) if you've been declared bankrupt, or anything else and you're within 30 miles or so of Warrington, then please contact me via my contact details in the expert page for futher details"
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| RHB |
Posted - 19 July 2011 : 07:32:51
Who would get paid the directors loan? Your company? Might be worth pushing the courts for a divorce settlement asap so you can at least raise money to pay off your debt. |
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