I found my way here via your sister site IVA forum, where I went for some help in getting an IVA arranged. To cut a long story short the proposal was rejected 2 weeks ago and really I have no option but to petition for bankruptcy.
There are a couple of things I need clearing up and/or confirmation of and hope someone here can help.
1. I officially sperated from my wife 6 years ago although we lived in the same house for a year. 5 years ago I moved out of the home and my wofe paid me a sum and I signed all rights for the property over to my wife. Inlcuded in our seperation agreement were three clause relating to the property where as more money would be released to me if she activated one of these clauses. The clauses were as follows; a) If she sold the house b) if she remarried C) if she incurred a windfall of sufficient amount to pay. What I didn't want was for the OR to say that I still had an interest in this property and force my wife to either find the funds or sell the house (my two sons live there as well) I have been advised that the OR would not consider this an asset as it can only be claimed if my wife activates one of the clauses in our agreement and that as it stands now I have no interest in the property. Really I'm asking for confirmation of that advise. NB: we were divorced 4 years ago after a standard 2 year seperation.
2. I have 100 shares with the company I work for, I cannot sell these share as they are like a savings scheme, where after 3 years any increase in their value will be paid to me, but any loss will not result in me owing money. Do I have to declare these shares as an asset as the payout won't be for another 2 years and I have no way of releasing any money already incurred.
3. When the company I work for took over from the old company they did not take on the pension scheme and this was therefore frozen, I had only been in the scheme for a year and so the pension is worth next to nothing, again do I have to declare this pension (which would be difficult as I have no paperwork relating to it at all)
These are the last things I am looking for help with and as soon as I am content with what I should do I canc omplete the paperwork for my petition.
Looking for advice from the experts
Posted - 12 June 2009 : 10:58:06
