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Posted: Thu Jan 10, 2008 11:21 am
by another
When my partner got divorced last year, he walked away with only 25% share in the house. He went bankrupt in Oct 07, will the insolvency people go after his ex for the remainder 25% share. What happens if she says she wont pay? As the property is worth more now since she bought him out, and has remortgaged with her new partner.
Posted: Thu Jan 10, 2008 1:09 pm
by Adam Davies
Hi
This is one for our qualified IPs but my thoughts are
Was the 25% agreed by a court ?
If so then the OR will not go after any more equity.
However if it was just agreed informally between the two parties then yes the OR could look to take an interest in the remaining 25% share
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Andy Davie
IVA.co.uk Spokesperson and Website Manager
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Posted: Thu Jan 10, 2008 1:14 pm
by BECKY
Did they have children together? and if so are they living with his ex? My friend and her hubby did the same when they divorced with her giving 25% to him as she had the children living with her.
Posted: Thu Jan 10, 2008 1:16 pm
by MelanieGiles
The OR definately has the ability to overturn the transaction if it was not at proper value, and there has been a recent test case which had verified this even further.
This is the same whether the agreement was made by an order of Court or not.
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
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