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Bankruptcy and disposal of assets - what are the guidelines? - Bankruptcy UK

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Bankruptcy and disposal of assets – what are the guidelines?

I may be sued for damages in court. if i lose i may have to be declared bankrupt. what is the latest date after which i cannot dispose of my assets? Can i sell my house to a family member at open market value without fear of any comeback by the court, if i was declared bankrupt?

You will not be able to sell the property post bankruptcy unless you have the permission of the Official Receiver or Trustee. It would be possible to sell the property prior to the bankruptcy, but what would this achieve if bankruptcy is imminent?  You would not be allowed to settle certain debts in preference to others and any surplus funds would be attached. It might be best if you called us on 01425 600129 and told us a little more about your circumstances.

 

Bankruptcy UK

Bankruptcy UK