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Alex J.
Alex J., Solicitor
Category: Law
Satisfied Customers: 3522
Experience:  Solicitors 2 years plus PQE
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I have a building business sole trader and the HMRC have completed

Customer Question

I have a building business sole trader and the HMRC have completed a investigation on my business they say i owe over £200k to them, they intend to make me bankrupt as i dont have the funds to pay them, my business is registered where i live with my wife, the house is registered in her name only, can the HMRC take this house from my wife?
Submitted: 1 year ago.
Category: Law
Expert:  Alex J. replied 1 year ago.
Hi,
Thank you for your question and welcome.
My name is ***** ***** I will assist you.
Your debts are your debts alone, and unless the HMRC can prove you have an interest in the property (or your wife personally guaranteed your debts in writing) they cannot enforce your debts against your wife's assets.
The only circumstance they could do this is if you had transferred the property into your wife's name to deliberately avoid your creditors, in which case it might be possible for them to make a claim on the house but only your share of it.
I look forward to hearing from you.
Kind regards
AJ
Alex J., Solicitor
Category: Law
Satisfied Customers: 3522
Experience: Solicitors 2 years plus PQE
Alex J. and other Law Specialists are ready to help you
Customer: replied 1 year ago.

Hi Alex

The hmrc now want to serve me a petition for bankruptcy, do i accept this from them or should they go through the courts?

Also if i accept this from them will i have to pay any upfront fee's.

Gary Lothian

Expert:  Alex J. replied 1 year ago.
Hi, Thank you for your question and welcome. If the house is in your wife's name only, then your wife's assets cannot be used to pay your debts. Was the house purchased in your wife's name or subsequently transferred to her? Kind regards AJ
Customer: replied 1 year ago.

The house was purchased in both our names 20 years ago and her mother has a £40,000.00 charge on the property. In 2009 we were having marital problems and she wanted to secure her mothers interest in the property so i agreed to remove my name from the deeds, and received approx 40k from her. She raised the money by remortgaging another property she owns.

Expert:  Alex J. replied 1 year ago.
Hi, Thank you. Given the amount of time that has past, the property is securely hers. In relation to the bankruptcy petition - has a hearing date been set? Do you want to go through bankruptcy and start with a clean slate or do you have the potential to recover the situation? Kind regards AJ
Customer: replied 1 year ago.

I received a phone call on Friday from a hmrc officer saying she needs to meet me in person to give me a bankruptcy petition i don't know if a hearing has been set. I have no option now but go through with the bankruptcy as i have no funds or potential work to pay them.

regards

Gary

Expert:  Alex J. replied 1 year ago.
Hi, Thank you. You may as well let them make the petition and deal with the cost. Once they have petitioned for your bankruptcy there will be a hearing to finalise your bankruptcy order. Normal you are discharged from bankruptcy after a year (with a clean slate) and your credit score will take 6 years to fully repair. Once your slate is clean you are free to earn to money again and live your life free from your creditors.
Customer: replied 1 year ago.

Thank you very much for your help.

Regards

Gary Lothian

Expert:  Alex J. replied 1 year ago.
Thank you.
I wish you the best of luck.
I would be most grateful if you would rate my answer.
Kind regards
AJ

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