property

Posted by amandaireland - June 23, 2017 1:56 pm How we can help

We were recently contacted by a gentleman who went bankrupt in 2015 and had received a letter from the Official Receiver advising that they intended to realise his former interest in the matrimonial home.  They had estimated the value of that equity to be about £48,000.  He wanted assistance in negotiating with the Official Receiver and instructed us to act for him.   We obtained an up to date valuation of the property and redemption statement from the mortgagee.  We were also able to prove that the debtors wife had paid off a small part of the mortgage post bankruptcy but the Insolvency Service had incorrectly given no credit for this.

We managed to show the equity was nothing like that calculated by the Official Receiver and after negotiation they accepted £8,000 for the interest, a saving of £40,000!

If you could also use some advice do contact one of our Insolvency Practitioners for a free consultation.