| Author |
 Topic  |
|
|
stressedoutsteve
Starting Member
United Kingdom
42 Posts |
 Posted - 17 July 2009 : 13:50:23
|
| Foregien Property/I.P's . Hi again all. I went Br early may owing alot to banks and C.Cards plus a large loan from a friend. Only one asset a large house and pool in spain which ex-wife still lives in and wont sell in defiance of Financial Settlement. Deal was, I took on all debts, (100K) and she sold house then valued at £500K and I cleared debts from my half. We signed, I got debts, she refused to sell, two years later I am BR. Just had creditors meeting and I.P. appointed (KPMG - anyone know them?), my concerns are that even in this market the house is worth 200-250K so can they sell this for whatever they like? (e.g. just to get their fees) or is that too cynical? I have read that there is no cap on IP fees and charges and I am concerned as half my debt is to a friend who would benefit from any monies regained from sale. I would also like to ask if anyone has dealt with aforeign property before like this? Any advice on any aspect of these points most gratefully received! thanks all. Steve |
|
|
Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 17 July 2009 : 14:03:57
|
Hi,
Have you just declared BR or are you in an IVA? If you are in an IVA then you won't be bankrupt.
The glimmer gets brighter all the time
Jan
xx |
 |
|
|
stressedoutsteve
Starting Member
United Kingdom
42 Posts |
Posted - 17 July 2009 : 14:26:56
|
Hi Jan, declared BR 8th May, estimate house will only sell for 200k/250K in this market and total debts @ 8th May 175k so my 50% equity wouldn't cover them. It is the 50k debt to my friend I am concerned with, and wether they will get fair treatment in this situation. I would hate to see house sold for say, 150k then the fees and charges comes to 70 k leaving little ort nothing for my creditors. House should raise 200k even at auction on forced sale so would hope that the majority of my debts would then be settled but am concerned by stories I hear re charges etc.
steve |
|
|
|
gettingoutofdebt
forum expert
2418 Posts |
Posted - 17 July 2009 : 14:32:32
|
I think that the IP would have been appointed by the OR to deal with the foreign property.
I don't know how it works with foreign property but in the UK the OR wants to release the equity as quickly as possible so will not be willing to have the house on the market for several months to get a good selling price. This is normally why people who are declaring BR are advised to mention to the Estate Agent that they want a quick sale if they are having their property valued.
I'm sure one of the experts will provide more information regarding the IP fees and how it normally works with foreign properties. |
|
|
|
Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 17 July 2009 : 14:41:36
|
Hi
I suspect that the charges to release the equity from a forced sale will be significant - even more if your ex wife isn;t cooperating and creating more cost as she goes along.
KPMG are one of the top 4 accountancy companies in the UK so are very reputable but also very expensive
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions |
|
|
|
Daniel Griffiths
Junior Member
United Kingdom
268 Posts |
Posted - 17 July 2009 : 17:15:31
|
Hello Steve
I am presuming you went voluntary bankrupt in May this year and trust I am right on that. In hindsite (A wonderfull word) this does not seem to have been a good thing to do. You were I know techincaly insolvent but I think this may have accelerated a course of events which in the end will result in your friend I believe receiving nothing from the sale of your assetts. KPMG on a foreign property will fill their boots with fees, if they manage to repossess the property from you ex partner. Its a pity that your friend did not secure his loan against your property before you became insolvent, sorry mate hindsite again, this is a story that I am familiar with are you from Redditch at all. |
|
|
|
stressedoutsteve
Starting Member
United Kingdom
42 Posts |
Posted - 17 July 2009 : 17:25:12
|
Hi Dave, no, east midlands not west! Must be a common mistake. Maybe I should have taken some advice but there you are, hindsight is awonderful thing. You think they will just sell the house for whatever they can get then? What about ex-wife (not that I am bothered, actually as she created this situation by reneging on agreement), does she nothave a say in house being sold below market value? I have read about IP's on the site and presumed they would take fess which are equal to equity, so sad for my mate but he is resigned to situation and I will try to pay him back when on my feet again, God willing.
Steve |
|
|
|
Daniel Griffiths
Junior Member
United Kingdom
268 Posts |
Posted - 17 July 2009 : 17:54:57
|
| From what you have said I dont think your wife will play ball anyway, this may end up in the Spanish courts, she has her own story to tell and a Spanish lawyer on her side who knows, she is in occupation and as you said is an owner of the property and is not insolvent herself, she is in a very strong position to do a deal with KPMG if she has access to any funds. Obviously your concern is your friend who on this occasion will I believe will be the loser. |
|
|
|
Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 17 July 2009 : 18:17:25
|
The more she delays and argues the case, the bigger the KPMG bill will be which will eventually mean les equity to share between the creditors.
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions |
|
|
| |
Topic |
|
Foregien Property/I.P's . Hi again all.
