Receiver's sources

[golanchi]

I wonder if anyone can take me through the experience of all the steps from petitioning to the final stages in bankruptcy? I mean the real nitty gritty, nuts and bolts, bits and pieces, like how the receiver deals with accumulating, verifying details-assets and how far back in time in your life to chase up disposed items such as cars, motorbikes. I guess what I want to know is not the information readily available on bankruptcy. But what is in the receiver's mind and hence on his/her hit list- i.e., the data he hold on petitioner. Any help anyone?

[Paul210]

Re: Receiver's sources

I wonder if anyone can take me through the experience of all the steps from petitioning to the final stages in bankruptcy? I mean the real nitty gritty, nuts and bolts, bits and pieces, like how the receiver deals with accumulating, verifying details-assets and how far back in time in your life to chase up disposed items such as cars, motorbikes. I guess what I want to know is not the information readily available on bankruptcy. But what is in the receiver's mind and hence on his/her hit list- i.e., the data he hold on petitioner. Any help anyone?

Info avail to Official received on a bankrupt is varied, effectively their job is to identify and recover assets for the benefit of creditors. You will however find that a private secotr trustee in bankruptcy will be much more zelous in the pursuit of assets that a 'civil service' Official receiver.

They have access to bank information, land registry records, DVLA records, records from professionals who have acted for a bankrupt in the past i.e. financial advisors, solicitors, accountants etc. If a trustee in Bankruptcy is determined enough theres not a lot that can be hidden. Even where assets have been transferred to another person pre bankruptcy these transactions can be investigated and unless it is prooved that a fair value was obtained then these can be reversed as a transaction at undervalue or actions to recover funds can be taken against the receipient.

If you are owed money by a bankrupt then you want to be hoping you get a good OR/trustee who will leave no stone unturned, if your going Bankrupt and have either hidden or disposed of assets 'on the cheap' then you are facing a real risk of getting into serious trouble.

As a final recourse, where impropriety is found on the part of a Bankrupt then a trustee can apply to the court to have their discharge from Bankruptcy suspended indefinately, meaning they would not get the automatice discharge after 12 months meaning their financial life is in limbo for the forseeable future.