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OUR TEAM ARE AVAILABLE NOW TO HELP WITH COMPLEX INSOLVENCY ISSUES

 

PPI on secured loans .. does it go to the Official Receiver?

Can the Official Receiver claim PPI on a secured loan that I am still paying and did not go into my bankruptcy?

Yes he can. You might not think that the secured loan is part of the bankruptcy as it is secured rather than unsecured debt, but it still forms part of the so-called ‘Bankruptcy Estate’ and PPI taken on loans of any description prior to bankruptcy is described as a ‘Bankruptcy Asset’, and goes to the Official Receiver.

Bankruptcy UK specialises in taking people through the bankruptcy process in a straightforward manner. We will assess your circumstances then submit the bankruptcy application online. Court appearances are no longer required for bankruptcy. Call us for a chat about your circumstances on 01425 600129.

Administration Order

An Administration Order is a Court Order placing a company that is, or is likely to become, insolvent under the control of an Administrator following a petition by the company, its directors or a creditor. The purpose of the order is to preserve the company’s business, allow a reorganisation or ensure the most advantageous realisation of its assets, whilst protecting it from action by its creditors.

The administration of the insolvent estate of a deceased debtor.

A County Court process permitting an individual with modest debts to pay off by instalments. No licensed Insolvency Practitioner is involved.

Administrative Receiver

A licensed Insolvency Practitioner appointed by the holder of a floating charge covering the whole, or substantially the whole, of a company’s property. He can carry on the company’s business and sell the business and other assets comprised in the charge to repay the secured and preferential creditors. This is sometimes abbreviated to Receiver.

 

 

Bankruptcy UK

Bankruptcy UK