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JGM
JGM, Solicitor
Category: Property Law
Satisfied Customers: 11135
Experience:  30 years experience in property law.
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in 2103 my bank forced me to sell my business, to cut a long

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in 2103 my bank forced me to sell my business, to cut a long story short after a number of months the bank accepted an offer from my wife to buy the business which she did by the way of a bridge loan, this left me owing the bank over 1.5 million pounds. in 2014 i was made bankrupt not by the bank but buy another company, my wife tried to find funding through banks to pay the back the bridge loan but get lnocked back by the banks, she then tried to sell the business on two different occassions but the potential buyers had to pull out at the last minute as there lenders were saying there is no clear title on the property due to my bankruptcy, the bridge company are now charging my wife around £22k a month is interest. when she brought theh property her solicitot advised that she should take out a Insolvency Act indemnity policy at a cost of £620, so my question is has my wife got a claim on the policy as she cannot sell due to my bankruptcy.
Submitted: 2 years ago.
Category: Property Law
Expert:  JGM replied 2 years ago.
A policy like this would normally kick in only if your wife lost the property owing to a challenge by those administering your bankruptcy. At present she owns the property so technically there is no loss. The fact she can't sell because purchasers are concerned about a potential challenge is not something a policy like this would normally cover.
Read the policy, however to check.
Happy to discuss further.
Customer: replied 2 years ago.
Thank you for the reply, our main concern is that the potential new buyers cannot go ahead with the purchase as they are being told no clear title to the property.
Expert:  JGM replied 2 years ago.
There is a clear title. It's just that the title could have potential challenge by the receiver of your bankruptcy.The way around this is to ask the receiver to confirm that he has no interest in the property.
Customer: replied 2 years ago.
We have don't that but he ssys he has not investigated it fully yet.
Expert:  JGM replied 2 years ago.
You'll have to push him because that is the only way to make progress with a purchaser.
JGM and other Property Law Specialists are ready to help you

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