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Alex J.
Alex J., Solicitor
Category: Bankruptcy Law
Satisfied Customers: 3609
Experience:  Bankruptcy, liquidations, administrations, pre pack sales, re use of company names and director duties and offences.
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Hi A third party has bought the BI in my home and I have received

Resolved Question:

Hi
A third party has bought the BI in my home and I have received a certificate from the trustee reinstating the property back to me.
The third party want to put on an extension and then the property and then sell it. We are happy to do this as it will add equity and we will be able to pay back the third party. Are we free to this even though we are still in our bankruptcy. More than likely we would be out of our bankruptcy by the sale date. Thank you
Submitted: 3 years ago.
Category: Bankruptcy Law
Expert:  Alex J. replied 3 years ago.
Hi

Thank you for your question and welcome.

Has the third party acquired the beneficial interest on your behalf?

Kind regards

AJ
Customer: replied 3 years ago.

yes

Expert:  Alex J. replied 3 years ago.
Hi,

Thank you.

As long as the funds have come from a third party source, then you can validly acquire the beneficial interest in the property while you are still bankrupt.

You must make sure that when you are discharged the OR transfer the legal estate back to you as well.

Kind regards

AJ
Customer: replied 3 years ago.

Sorry I was asking would the profit from the sale of the house would be part of the bankruptcy even though it has been vested back to me? If indeed there was any after we had paid back the third party?

Expert:  Alex J. replied 3 years ago.
Hi,

Thank you.

If you have acquired from your trustee in bankruptcy then it has been purchased from the estate in bankruptcy. There fore it wont be part of the pool of assets that go to repaying your creditors and cannot be claimed by the trustee that includes any profit made.

However this only applies if it was acquired by the third party funds.

Kind regards

AJ
Alex J., Solicitor
Category: Bankruptcy Law
Satisfied Customers: 3609
Experience: Bankruptcy, liquidations, administrations, pre pack sales, re use of company names and director duties and offences.
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