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 Ash Your Own Question
Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
75100385
Type Your Law Question Here...
Ash is online now

I was made bankrupt 20 yrs ago and have a section 32 buyout

Resolved Question:

I was made bankrupt 20 yrs ago and have a section 32 buyout bond with protected rights.
how much is the official receiver entitled to?
Submitted: 2 years ago.
Category: Law
Expert:  Nicola-mod replied 2 years ago.
Hello,
I've been working hard to find a Professional to assist you with your question, but sometimes finding the right Professional can take a little longer than expected.
I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.
Thank you!
Nicola
Customer: replied 2 years ago.

Yes please continue. Could you also confirm that by submitting this question I have not signed up for monthly access to advice

Expert:  Nicola-mod replied 2 years ago.
Hello,
We will continue to look for a Professional to assist you.
I will ask Customer Support to email you regarding the monthly subscription.
Thank you for your patience,
Nicola
Expert:  Nicola-mod replied 2 years ago.
Hello,
I apologise as we have not yet been able to find a Professional to assist you. Do you wish for me to continue to search for someone to assist you or would you like for us to close your question at this time?
Thank you for your patience,
Nicola
Customer: replied 2 years ago.
Please ask an experienced insolvency practitioner
Expert:  Nicola-mod replied 2 years ago.
Hello,
We will continue to look for a Professional to assist you.
Thank you for your patience,
Nicola
Expert:  Ash replied 2 years ago.
Hello my name is ***** ***** I will help you with this.
For now please let me know whether the Receiver knew about the asset ?
Customer: replied 2 years ago.
Yes. They have known all along. The policy has protected rights. The fund is 60K plus and they are demanding 27K
Expert:  Ash replied 2 years ago.
They are entitled to the equity as it was 20 years ago. They are not entitled to today's value.
So they need to show you what the equity was in it 20 years ago and you owe that sum of money. Just because they do not collect does not mean the sums are not due.
However one could argue that because they have failed to do anything about it for 20 years it is statute barred. Indeed the Limitation Act 1980 states they have 6 years to make a claim for any payment.
I would go back and argue that it is now statue barred - they have not made a claim on it and they have waited 20 years. Say they are out of time.
Can I clarify anything for you about this today please?
Alex
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience: Solicitor with 5+ years experience
Ash and 4 other Law Specialists are ready to help you