Issues and questions that come up during your bankruptcy period

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By scotcrew
#201539 If I am correct then the OR can reverse sales of goods i.e. cars, houses etc and can go back up to 5 years in some cases.

please advise if this is incorrect.

If it is correct the senario could be;

I buy a car/motorbike from Joe Bloggs and pay say 10k (not a knock down price). I receive a bill of sale and it is notified to DVLA. Joe then goes bankrupt some 2 months later. What would be my leagle position if the OR decided that the sale was to be overturned (if indeed he can)?

Any thoughts?
Bybluesky
#201728 I f a 'Transaction at undervalue' has occured then yes the OR can seek to have the transaction reversed or more accuratley the effect of that transacion reversed.

if you purchased the vehicle at a knock down price and knowledge of bankruptcy may have been present then you may have been party to the TUV and a court may make an order for reparations in a variety of forms but very rarely. The TUV is a misconduct of the bankrupt not generally any non bankrupt.

most likely to happen when properties are concerned