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leanne-jones
leanne-jones, Barrister
Category: Bankruptcy Law
Satisfied Customers: 183
Experience:  Barrister
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I made my self bankrupt in 2010 and have been discharged.

Customer Question

I made my self bankrupt in 2010 and have been discharged. My mum went Bankrupt this year. The problem is cause I felt sorry for her I helped her conceal 28000 pounds. The insolvency service got wind of this and I have now come clean and given a statement to say that she has had the money even though I told at the start of hers I told them that I had the money as I say to try and help her out cause she couldn't see her retirement with no money. In 2007 I took out a loan in my name but gave the money to my mum to help her with her business but cause I didn't say that on my bankruptcy form they are asking why now. I honestly thought that cause the dept was in my name I was doing nothing wrong.

Where do I stand with this and can anyone please help me....I have a young son and I am only trying to get on wit my life now.

Cheers

Chris
Submitted: 3 years ago.
Category: Bankruptcy Law
Expert:  leanne-jones replied 3 years ago.
Hello - my name is Leanne and it will be my pleasure to assist you today.

I do not quite understand, you did not include the loan in your bankruptcy?

Has this loan now defuated?
Customer: replied 3 years ago.
Yes I did include it in mine
Customer: replied 3 years ago.
Are you still thinking?
Customer: replied 3 years ago.
I said earlier I did include it in my bankruptcy..
Expert:  leanne-jones replied 3 years ago.
Thank you. In short you lied to the OR?

Did you lie to your OR?
Customer: replied 3 years ago.
Relist: Answer quality.
Customer: replied 3 years ago.
Can you just tell me what will happen to me as I have told the truth about my mums bankruptcy? Will that help me?
Expert:  leanne-jones replied 3 years ago.
They could inform the Police who could investigate to see if any criminal offences have occurred. I only asked the above to get a clear picture, I am not here to Judge.

Clearly if you misled on any forms and you signed a declaration of truth this could cause you some future difficulty. If you have told the truth about your own bankruptcy then all is fine. They will not seek to reopen that so you need not worry.

The difficulty is trying to conceal these new funds. Potentially it is a criminal matter and they could ask the Police to investigate. But to your credit, you came clean and now there is no loss. If there had been a loss then it would certainly have been some sort of fraud.

But given you have owned up I would hope that the OR would take no further action but of course there is no guarantee of that. All you can do is wait to see what happens. The OR will only be interested in recovering money for the estate, so it may be that nothing happens.

But all you can do is play the waiting game. The Police may or may not investigate.

I am sorry that I can not give you a more solid response, but it is a matter for the Receiver about what, if anything they do with this new information.

I hope that this helps you and if there is anything else I can do or help you with please let me know.

Customer: replied 3 years ago.
The only thing I'm worried about is that on my bankruptcy I stated that the loan was for my business but it went to my mum. At the time I was so confused.....I had lost a baby and I was worried about loosing everything I had worked for.... I just made a mistake on that question of did I sell give away property or possessions. I thought that was material things not money!, like I say I have given a statement to say that she had the money but I feel like they are trying to get me for something!! I'm not very good t things like this and I'm always think the worst so please if you can give me more information about what the worst case is I would be greatfull?
Expert:  leanne-jones replied 3 years ago.
Worst case is the police investigate, prosecute and you go to jail.

The offence could be fraud or theft. Fraud is more serve. But I would not worry yourself at this stage. You do not know what if anything the OR is going to do with the information.

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