I am bankrupt as of 15 July 09. A sale of my freehold business is going through an LPA 1925 Receiver. The sale price is about £180K. I owe £250K to ther bank, allsecured under morgage of the property. 2 questions, please:
The bank has already demanded deatails of how I will repay the shortfall ( they don't yet know Iam bankrupt) Will I have to pay the shortfall even though I am bankrupt, ie will I still have to deal with thousans of pounds of debt on discahrge in 12 months time?
2. Is my recent bankrupcy likely to interfere with completion of the sale, do you think. Contracts are due to be both exhanged and completed simultaneouly in the next few days. I have informed the OR by telephone but not the buyer or the estate agent yet. I see the OR for the formal interview next week.
I am bankrupt as of 15 July 09.
Posted - 23 July 2009 : 09:50:02
