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Joshua
Joshua, Lawyer
Category: Bankruptcy Law
Satisfied Customers: 25358
Experience:  LL.B (Hons), Higher Prof. Dip. Law & Practice
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Hello Do trustees have a time limit on selling or realising

Resolved Question:

Hello
Do trustees have a time limit on selling or realising assets?
Thank you
Submitted: 3 years ago.
Category: Bankruptcy Law
Expert:  Joshua replied 3 years ago.

Joshua :

Hello and thank you for your question. I will be very pleased to assist you. I'm a practicing lawyer in England with over 10 years experience.

Joshua :

Do you know the nature of the trust please - e.g is it a discretionary trust or a bare trust for example?

Customer:

its a trustee in bankruptcy

Joshua :

Thanks. What is the asset in question? e.g. is it a house?

Customer:

buy to let properties

Joshua :

Thanks. Is there any equity in the BTL properties - e.g. net of any mortgage?

Customer:

2 have and 2 have negative equity. We would like to buy the BI and I am out of my bankruptcy soon but I thought they might have a time limit to sell them?

Joshua :

Thanks. Upon the appointment of a trustee in bankruptcy as you will be aware your assets vest in the trustee and he must deal with the same so as to repay creditors. If the trustee fails to deal with any interest you have in your principle home within 3 years then this interest is returned to you however there is no such time limit for other properties unfortuantely. You can negotiate with the trutee in bankruptcy to buy back any interests you wish in one or more of the properties if you so wished

Joshua :

The trustee will entertain any offers you wish to make in relation to any of the properties but remember of course that if there is a mortgage on any of the properties the mortgagee will have the first right to exercise its power of sale to sell the property if the mortgage is in arrears.

Joshua :

Is there anything above I can clarify for you?

Joshua, Lawyer
Category: Bankruptcy Law
Satisfied Customers: 25358
Experience: LL.B (Hons), Higher Prof. Dip. Law & Practice
Joshua and other Bankruptcy Law Specialists are ready to help you

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