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I gave my son money and now the Official Receiver wants it ... - Bankruptcy UK

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I gave my son money and now the Official Receiver wants it …

I gave my son some money to invest 16 months before I went bankrupt. It was put into a property in his name as we could not get a mortgage ourselves due to Ill health. I told the OR what I had done and they are chasing my son for the money .. why?

The Official Receiver reserves the right to pursue any money / assets disposed of in the previous three years, as many people try to hide or dispose of assets prior to bankruptcy. The OR pays particular attention to ‘Transactions at Undervalue’ and also takes a long hard look at anybody who comes off the title deeds of a property prior to bankruptcy i.e. if the Receiver deems that this was done in order to protect another party, they will explore that person’s interest in the property.

There are times in life when it is best to say nothing, as it is most unlikely that this would have been discovered. In cases where bank statements are requested it is usually only for the preceding 12 months.

Bankruptcy UK offers bankruptcy help across the board and will submit your application online. Court appearances for bankruptcy are no longer required. Feel free to call us on 01425 600129 for a chat about your circumstances.

 

Bankruptcy UK

Bankruptcy UK