How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Buachaill Your Own Question

Buachaill
Buachaill, Barrister
Category: Law
Satisfied Customers: 10406
Experience:  Barrister 17 years experience
53108719
Type Your Law Question Here...
Buachaill is online now

My son and daughter share ownership of a house. The son went

Resolved Question:

My son and daughter share ownership of a house. The son went bankrupt and the trustee wants to dispose of house. They have come up with a price that is way below market and have not advertised it, seems they have a "few individuals" they deal with who have cash. They want my daughter to voluntarily hand posession to them to avoid court "where we will loose" and just incurr costs. Can we stop them or make them get a realistic price. Also they will incurr a penalty on mortgage and say this comes out of duaghters share.
Submitted: 3 years ago.
Category: Law
Expert:  Buachaill replied 3 years ago.

Buachaill :

1. At the outset, you need to realise that this is illegal and unlawful conduct on the part of the trustee in bankruptcy. A trustee in bankruptcy is a trustee as the name suggests. This means that the trustee must at all times act in the best interests of the bankrupt's estate and seek to get the best possible price for any sales or realisations of the bankrupt's assets. Here, the trustee is effectively seeking to increase the liabilities of your son by selling the property at an undervalue. This is in direct contravention of his duties as trustee. Additionally, the trustee is seeking to contravene provisions relating to money laundering by selling the property for cash. Accordingly, your son should report him to the court for his unlawful behaviour. Additionally, it is not correct for the trustee to seek to "muscle" your daughter by threats to her. The trustee is not correct in stating that your daughter will automatically loose should the matter go to court. Given the circumstances,s he will not loose at all but the trustee will, given his behaviour.

Buachaill :

2. Your daughter should consider purchasing the house herself with the aid of some finance if this is possible. Additionally, any mortgage penalty incurred will come equally out of both your son's share and your daughters. It is again not correct to say that your daughter will bear sole liability for this cost. YOur son should consider getting the trustee removed on the basis of his bad conduct and unlawful behaviour. In this way he can ensure that a full price is achieved for his (half) share in the property. A new trustee will get a proper price. So I would suggest your son seek to get the matter before the court and remove the trustee in bankruptcy.

Customer:

Thankyou. I will relate this information to them and I think it is time to challenge them.

Buachaill, Barrister
Category: Law
Satisfied Customers: 10406
Experience: Barrister 17 years experience
Buachaill and 2 other Law Specialists are ready to help you

What Customers are Saying:

 
 
 
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie
< Previous | Next >
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie
  • A quick response, a succinct and helpful answer in simple English. I believe I can now confront the counter party with confidence -- worth the 30 bucks! Rick
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther
 
 
 

Meet The Experts:

 
 
 
  • Jo C.

    Jo C.

    Barrister

    Satisfied Customers:

    30316
    Over 5 years in practice
< Previous | Next >
  • http://ww2.justanswer.com/uploads/EM/emus/2015-7-7_192327_bigstockportraitofconfidentfemale.64x64.jpg Jo C.'s Avatar

    Jo C.

    Barrister

    Satisfied Customers:

    30316
    Over 5 years in practice
  • http://ww2.justanswer.com/uploads/BE/benjones/2015-12-1_0437_ennew.64x64.jpg Ben Jones's Avatar

    Ben Jones

    UK Lawyer

    Satisfied Customers:

    11553
    Qualified Solicitor - Please start your question with 'For Ben Jones'
  • http://ww2.justanswer.com/uploads/BU/Buachaill/2012-5-25_211156_barrister5.64x64.jpg Buachaill's Avatar

    Buachaill

    Barrister

    Satisfied Customers:

    1754
    Barrister 17 years experience
  • http://ww2.justanswer.com/uploads/JO/jojobi/2013-3-19_0265_maxlowryphoto.64x64.jpg Max Lowry's Avatar

    Max Lowry

    Advocate

    Satisfied Customers:

    894
    LLB, 10 years post qualification experience
  • http://ww2.justanswer.com/uploads/UK/UKLawyer/2012-4-12_9849_F2.64x64.jpg UK_Lawyer's Avatar

    UK_Lawyer

    Solicitor

    Satisfied Customers:

    750
    I am a qualified solicitor and an expert in UK law.
  • http://ww2.justanswer.com/uploads/KA/Kasare/kasare.64x64.jpg Kasare's Avatar

    Kasare

    Solicitor

    Satisfied Customers:

    402
    Solicitor, 10 yrs plus experience in civil litigation, employment and family law
  • http://ww2.justanswer.com/uploads/OS/osh/2015-7-7_19268_gettyimagesb.64x64.jpg Joshua's Avatar

    Joshua

    Lawyer

    Satisfied Customers:

    8199
    LL.B (Hons), Higher Prof. Dip. Law & Practice
 
 
 

Related Law Questions