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Power of Trustee
Please help with the following:
In 2017, I was made bankrupt in my absence by a local authority for £8,981 (unpaid rental tenant council tax liabilities). The bankruptcy order and related correspondences were sent to another rental property of which I was unaware.
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Having agreed the way forward with the official receiver during our meeting, we paid the petitioned amount £8,981 to the local council as well as paid additional £26,600 on 15th Dec 2017 to the official receiver for other related costs.
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Despite making these payments, the official receiver decided to pass my case to a trustee who blocked my accounts and assets, believing I might have laundered money to purchase my properties. The trustee redirected rental income of all properties to trustee’s account.
This was a purely bias conclusion based on my ethnicity.
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He refused to accept IVA to mitigate my losses and insisted on immediate sale of three (3) of my rental properties to fund their fees and negative equity (inappropriately estimated by their agent) of certain properties.
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Even though, five (5) properties were eventually sold to amass over £514,000 the trustee have threatened to put other properties up for sale unless I come up with another £130,000 plus £20,000 to cover further fees and costs.
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My initial source of finance and living expenses was through income from my rental properties. Since 2017, I have had to seek additional funds to pay arrears, insurance and monthly repayment mortgages of all the rented properties which the trustee declined to pay. Lack of payment by trustee had prompted lenders who were initially patient with my situation to demand settlement of arrear or face repossession and sale.* One was recently sold because of arrears of £1,200.
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My situation was compounded with empty properties which require tenant left unoccupied. The trustee refused to market and place new tenants in these properties resulting in loss income and need to pay council tax, insurance, agent management fees etc. to be paid.
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As of today, Unsecured creditors are yet to be paid, lenders have not demanded repossession neither have HMRC requested payment of Capital Gain.
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- Assistance to annul bankruptcy order.
- Injunction to cease further sale of properties to pay fees.
- Assistance to freeze further fees and costs which is currently over £500,000 (Trustees fees are well over £200,000 plus other costs /fees/charges of £300,000).
- Assistance to challenge why it took almost three years to conclude. The longer it takes to complete this case the more earning by trustee (Cash cow business doctrine!). Currently, Averaging £100,000 per annum.
- Bankruptcy order was £8,981.
- Proceeds from sale of five (5) properties £514,000.
- Fees / Charges likely to exceed £664,000.
In 2017, I was made bankrupt in my absence by a local authority for £8,981 (unpaid rental tenant council tax liabilities). The bankruptcy order and related correspondences were sent to another rental property of which I was unaware.
*
Having agreed the way forward with the official receiver during our meeting, we paid the petitioned amount £8,981 to the local council as well as paid additional £26,600 on 15th Dec 2017 to the official receiver for other related costs.
*
Despite making these payments, the official receiver decided to pass my case to a trustee who blocked my accounts and assets, believing I might have laundered money to purchase my properties. The trustee redirected rental income of all properties to trustee’s account.
This was a purely bias conclusion based on my ethnicity.
*
He refused to accept IVA to mitigate my losses and insisted on immediate sale of three (3) of my rental properties to fund their fees and negative equity (inappropriately estimated by their agent) of certain properties.
*
Even though, five (5) properties were eventually sold to amass over £514,000 the trustee have threatened to put other properties up for sale unless I come up with another £130,000 plus £20,000 to cover further fees and costs.
*
My initial source of finance and living expenses was through income from my rental properties. Since 2017, I have had to seek additional funds to pay arrears, insurance and monthly repayment mortgages of all the rented properties which the trustee declined to pay. Lack of payment by trustee had prompted lenders who were initially patient with my situation to demand settlement of arrear or face repossession and sale.* One was recently sold because of arrears of £1,200.
*
My situation was compounded with empty properties which require tenant left unoccupied. The trustee refused to market and place new tenants in these properties resulting in loss income and need to pay council tax, insurance, agent management fees etc. to be paid.
*
As of today, Unsecured creditors are yet to be paid, lenders have not demanded repossession neither have HMRC requested payment of Capital Gain.
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