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Hello and thank you for your question. My name is ***** ***** I will be very pleased to assist you. I'm a practising lawyer in England with over 15 years’ experience. Please be aware that although I will endeavour to reply to you promptly, I am also in full time private practice and so I may not be available to respond immediately and it may also take me a few minutes to prepare a reply. The site will notify you as soon as I respond. I look forward to working with you to answer your question fully.
May I ask if you were living in this property as your main residence at the date the bankruptcy order was made please?
Thank you. Have you confirmed with the Trustee in bankruptcy that he is willing to treat the property as your family home? The requirements of the Insolvency Act are that at the date of your bankruptcy order to be treated as the family home it must have been the sole or principal residence of yours, your spouse or former spouse. Were any of these the case?
Thanks. I look forward to hearing from you further.
thank you. The intention to move into a property is not definitive in and of itself. As above, the insolvency act provides that your family home is that home which is your sole or, as I believe would be the case here, your principal place of residence at the time the bankruptcy order is made. if I understand your circumstances correctly, at the time the bankruptcy order was made, you owned at least two properties and lived in a property other than the property which is the subject of this question.
If that is the case, do not see how you will obviously deem the property which is the subject of your question to be your family home. Obviously, if you have further information which is pertinent in this respect, I will be pleased to consider it.
If that is the case, then the house in question does not benefit from the three-year rule which requires the insolvency practitioner to either deal with the property within three years or return it to you. If you are not able to avail yourself of this benefit then the property would remain part of your bankrupt estate rather than belonging to you and there will be no obligation on the part of the trustee to return it to you under the above three year rule. It would be open to you in those circumstances to negotiate with the trustee to buy back your share which you may be able to negotiate at a below-market price on the basis that it would avoid the trustee the costs of a potential forced sale on his or the lenders part.
I hope the above is of some assistance but if you have any further questions, please revert to me
thank you for the clarification. On that basis, if you can demonstrate that the property was your sole residence at the time the bankruptcy order was made, even if you did not live in it, you can seek to have the property restored under section 283A Insolvency Act 1986. You can contact the trustee in bankruptcy and refer them to section 283 a subsection 2 and ask that the trustee transfers your interest back to you under the above authority.
If the trustee is slow to do so or refuses (the latter would be exceptional) then ultimately an application to court can be considered
thank you for your above enquiries. Unfortunately, I am not permitted to accept client referrals from customers of this website. You would need to consider seeking local representation if you wish to appoint a solicitor to represent you in this matter
yes this would be quite normal in the first instance. Trustees are usually cooperative in this respect in any event.
I would be very happy to. As this goes beyond the scope of the terms of service offered by this website, we may need to agree a fee as a premium service in this respect but providing you are content in this regard, as above, I am very happy to do so
if you would like to upload the letter in question once you have repaired, I will be happy to provide you with a quote in this respect
This letter essentially looks ok.
All the best