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Barry.ct
Starting Member
3 Posts |
 Posted - 30 December 2009 : 12:53:55
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| can I transfer money to my son before i go bancrupt |
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debtinfo
forum expert
2826 Posts |
Posted - 30 December 2009 : 13:02:16
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| no, not if it is to hide an asset |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 30 December 2009 : 13:08:04
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| If you do then the OR will be able to reclaim it from your son in order to pay to your creditors. |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 30 December 2009 : 16:49:10
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Hi
Welcome to the forum
As has been said, not really a good idea - the chances are, the OR would trace withdrawls and transfers from one bank to another.
I am not making any moral judgement, but would advise you to be very careful. The OR has incredible powers!
Hope this assists Richard
"There are no problems - only solutions..." |
Edited by - Housing on 30 December 2009 16:51:07 |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 30 December 2009 : 19:46:12
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I agree with the others, if the OR thinks you have hidden an asset they can reclaim it from your son. If the OR has cause to believe that anything has been hidden they are then likely to go through everything else with a fine tooth comb.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
30 IPA payments made, 6 to go - the end is in sight! |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 30 December 2009 : 21:46:46
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The OR will find the payment and will pursue your son for the money.
In addition the OR will view your action and deliberately trying to preference a creditor or putting money out of reach of your creditors. This may attract a Bankruptcy Restriction Order.
Would recommend you avoid this course of action.
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions |
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Barry.ct
Starting Member
3 Posts |
Posted - 02 January 2010 : 12:17:09
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Hi
I thankyou all for your advice
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Barry.ct
Starting Member
3 Posts |
Posted - 02 January 2010 : 12:18:21
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What is a Bankruptcy Restriction Order
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debtinfo
forum expert
2826 Posts |
Posted - 02 January 2010 : 12:22:29
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| Although the bankruptcy will finish after 1 year, if the OR believes you have done something wrong they can ask the court to extend certain restrictions on you for between 2 and 15 years |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 02 January 2010 : 12:22:51
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Hi Barry,
Happy New Year to you and yours.
A Bankruptcy Restriction Order (or BRO), is a court order made against a bankrupt once a court has decided that the bankrupt’s conduct has been culpable or dishonest.
When a court imposes a Bankruptcy Restriction Order (BRO) it will subject the debtor to certain restrictions for a set period of between 2 and 15 years
I am sure there is detail on the Insolvency Service website and I am sure someone will give you a bit more detail if you need it.
I am not an expert in BR so I will not venture to any lay advice - again, there are suitably well qualified people who post on this site.
Good luck, Richard
"There are no problems - only solutions..." |
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In 2 Deep
Junior Member
United Kingdom
161 Posts |
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Topic |
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can I transfer money to my son before i go br
