If for example you had a car ehich you had to sell as you could not afford it, and some time down the line, even 6 months later, you files for bankruptcy, the transaction would not be called into question. What they OR is looking for is 'transcations of undervalue' in lay mans terms this means that they are cheking for any disposal of assets for less than they are worth ie a car worth £5k which yoiu sold to a relative for a silly/low amount just to put it out the reach of your creditors. If you have sold something, and got the best you could for it at the time, and used the money to get by, you have no worries.Me
Hope this helps
Melanie Nicholas 28 years insolvency experience - 23 of which in the Insolvency Service - Insolvency Manager Jones Giles email me at melanienicholas@jonesgiles.co.uk
how will the courts know if you've sold anything
Posted - 16 August 2009 : 21:51:27
