will the OR overturn the sale of my house

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amanda39

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Post by amanda39 » Wed Mar 05, 2008 10:13 pm
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I sold my house to a private company, some 5-6 months ago and now rent it back from them, in order to keep a roof over me and my kids heads. I now have got to go bankrupt, will the OR overturn this sale?
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MelanieGiles

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Post by MelanieGiles » Wed Mar 05, 2008 11:50 pm
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Hi amanda and welcome to the forum

The OR can only overturn the transaction if it was effected at less than market value, but he/she will be interested to trace what you did with the sale proceeds. How much was realised and what was it spent on?
Regards, Melanie Giles, Insolvency Practitioner
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amanda39

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Post by amanda39 » Thu Mar 06, 2008 8:33 am
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It was a quite simple they paid £150k and I owed £154k, so had to sell my car to cover the shortfall. I had the house valued at £155k. Thank you
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MelanieGiles

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Post by MelanieGiles » Thu Mar 06, 2008 9:11 am
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That does not sound to me like a transaction which would be turned over at all.
Regards, Melanie Giles, Insolvency Practitioner
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