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UK-Justice
UK-Justice, Barrister
Category: UK Bankruptcy Law
Satisfied Customers: 16193
Experience:  Called to the Bar in 2007
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With regards XXXXX XXXXX the properties individually, would

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With regards XXXXX XXXXX the properties individually, would this not incur another creditor if one is in negative equity.

i.e.

Property A = Mortgage 100 worth 150
Property B = Mortgage 100 worth 50

Would he not have a duty to the other creditors to sell these properties and pay off the secured creditor so that another creditor is not introduced?
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In terms of that the OR will take a view.

If its in negative equity the OR will want to limit any debts so probably wont sell.

It is only if there is a decent amount of positive equity is the OR likely to sell to secure £ for creditors.

I hope this clarifies.



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Customer: replied 4 years ago.

So would he allow the property in negative equity to be repossessed?


Or would\could he allow both properties to be taken out of the bankruptcy by equalling each other out, and charge a nominal fee (£1,000 say to cover the IP fees).

Not necessarily but he may not sell it but hold onto it.

To be taken out the bankruptcy it is a matter for the OR - he may it out for £1000.

But its a decision for OR.




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Customer: replied 4 years ago.

sorry when you say hold on to it, do you mean to say for good or for a year (end of the bankruptcy).


I know it’s up to the OR but what I mean to say is, is it feasible, or is this normal process

The OR will have a restriction which means you need their consent to sell, Even after 12 months





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