When the Court makes a bankruptcy order, all assets (with certain minor exceptions) owned by the bankrupt automatically become vested in the Trustee in Bankruptcy. In addition, if the bankrupt had an interest or owned a share in an asset, for example, a house, that interest or share also becomes vested in the Trustee. The Trustee then has a duty to protect and at some stage, realise the value of the assets or interest in assets, usually by selling them.
The timing of any sale will depend on the nature of the asset but ultimately, in the absence of settlement of the bankruptcy debts, costs and expenses, they will be sold. Even after automatic discharge from Bankruptcy (usually after 12 months), the assets remain vested in the Trustee and will be realised.
However, in certain circumstances, it may be possible to preserve or recover some or possibly, all the assets or interests by buying them back from the Trustee. Whilst the Trustee will want to raise as much money as possible from each sale, with the help of FDL Solicitors, you can ensure that the price agreed is fair, reasonable and properly reflects any discounts that ought to be taken into account.
FDL Solicitors has extensive experience in preserving and recovering assets through negotiation with Trustees (or by application to the Court, if necessary) and can help raise funds (through specialist Financial Advisors) when required, to buy back assets from the Trustee.
An initial no obligation telephone discussion is free, so why not call or email David Cousen.
T: +44 (0)161 833 0578
E: david.cousen@fdl-law.co.uk
