Discussions on life after your bankruptcy discharge.

Moderators: TalbotWoods, JaneClack

By tony.b.
#298813 I was made bankrupt in November 2005 and discharged a year later.

My only asset was the heavily mortgaged house I own in joint names with my wife.

In November 2008, the Joint Trustees successfully applied to Court for possession and sale of the property.

A survey was done immediately, which valued it at £220,000

In May 2009, the Joint Trustees wrote to me with this information, adding that they are prepared to accept £5,000 in settlement of the beneficial interest of the Trustees. This did not include any allowance for the fees involved in the potential sale.

I offered them £1,500 in Full and final settlement, which they have rejected.

Nothing happened in the interim until November 2011, when they wrote to informed me that they have received an up-to-date valuation putting the house at £235,000.- They have therefore calculated their 50% share totals £15,442. Unless an adequate proposal is received 21days, they will consider enforcing a sale on the open market.

This morning I received a Notice of Eviction from Court, stating eviction at end of June 2012!!

I intent to appeal to court on the grounds of LEWIS v METROPOLITAN PROPERTY REALISATIONS LIMITED

Any has this experience? Your much needed guidance PLEASE… Many thanks.
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By TalbotWoods
#298833 Unfortunately no, this is a specialist area of legal interpretation and you will need to seek specialist advice.

I am 99.9% sure no one on this forum has had this occur, but I am aware that these types of cases do occur, but I am unaware of any outcomes.

Yes there are occasions where the trustees have indicated their intention to 'go for the asset' prior to the three year point as required in the EA2004, and when this has occurred they have obtained the asset as they had made an initial action, whereas in Lewis v Metropolitan they had only indicated an intent. From what you have said they may have taken an action which would count (initial offer and your subsequent rejection of that offer).

This is why you will need a specialist solicitor, as it may come down to what is an action and what is not an action.

Please keep us informed as this could be seen as a test case for this, and could have major significance for others in your situation.