UK Bankruptcy Law

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UK Bankruptcy Law
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hi in 2011 i made my self bankrupt due to my business failling

i was a sole trader...
hi in 2011 i made my self bankrupt due to my business failling i was a sole trader and had debts of £82,000. my house is in joint names with my fiancee we have 2 children 3 and 7 can the official reciever still come and take my house in effect making me and my familly homeless, i owe £68,000 on the property the house is currently adverised for £120,00 but is not selling as a result of this after the three years is up can they come and take my house!!!!
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Answered in 1 minute by:
12/19/2012
UK-Justice
UK-Justice, Barrister
Category: UK Bankruptcy Law
Satisfied Customers: 16,193
Experience: Called to the Bar in 2007
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Thanks for your question. Please remember to rate my answer SMILEY FACE OR ABOVE so that I am credited for my time.

Does the OR have a charge on your property?
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Customer reply replied 5 years ago
yes we do now since i made my self bankrupt
Customer reply replied 5 years ago
yes we do now since i made my self bankrupt
ps dont know how to put smiley face on
Thank you.

Then I am sorry but yes, he can make you sell the house.

If you went bankrupt then the OR owns all your assets.

It makes no difference whether the property is shared (ie also have someone elses name).

As such the OR can force the sale of the house. They normally wait 12 months before making you sell - but in this case the OR has waited.

So to answer your question - yes, the OR can force a sale.

I am sorry if this is not the answer you are looking for but based on what you have said, this is the legal position.




Please remember to click *** OK SERVICE *** or above so that I am credited for my time. The question does not close and you can ask follow ups.

Important: If you feel the need to rate as one of the lower two scores, it counts as negative feedback so please reply to me via the REPLY with any further questions you may have. I will be happy to assist you further.
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Customer reply replied 5 years ago
The house is already up for sale but is not selling, if, after the three years have passed, and the house has still not sold, can they force us to vacate the property and sell it for however much they want without my partners consent, even though we have complied with what they have asked us to do so far, I.e. by reducing the price of the house?
In theory yes.

Although to be fair they would need a Court order for this to which you/partner could object.

But they will try to maximise the return for creditors.




Please remember to click *** OK SERVICE *** or above so that I am credited for my time. The question does not close and you can ask follow ups.

Important: If you feel the need to rate as one of the lower two scores, it counts as negative feedback so please reply to me via the REPLY with any further questions you may have. I will be happy to assist you further.
UK-Justice
UK-Justice, Barrister
Category: UK Bankruptcy Law
Satisfied Customers: 16,193
Experience: Called to the Bar in 2007
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UK-Justice
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Category: UK Bankruptcy Law
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Experience: Called to the Bar in 2007

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