UK Bankruptcy Law
UK Bankruptcy Law Questions Answered by Verified Experts
The loans from family and friends approximately how much were these in total?
15k The loan was to help finish off a project so help sell for the IVA which we hope would bring in 10 times this amountWill the bank be repaid in full and what is the value of the other creditors?
No pounds in pence. We have a limited number of creditors - Banks, Credit Card, small inland rev (CG) and a few bills and family and friends previously to the petition (c500k) Is it likely a private trustee will be appointed?
I would of thought so as we have a number of properties that are as a whole in negative equity which were left out of the IVA but obviously would be in the bankruptcy, but I would assume you would never 100% know and it depends on the OR
Yes there is for the loan
What about the holiday?
Will the OR go through previous bank statements even though I am not making myself bankrupt? Should I have not taken the holiday?
Is it automatic that on our first meeting with the OR he will ask for bank statements?
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).