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Case Study: Mr I - Trustee in Bankruptcy

Enhanced return to creditors as bankrupt's property realised for full market value

Overview

Mr I was declared bankrupt on the petition of the Supervisor of his failed IVA; according to his Statement of Affairs, he jointly-owned a property but had no other assets. Following Bridgewood's appointment as trustee in bankruptcy, early contact was made with the bankrupt and his wife to deal with the trustee's interest in the property.

Solution Provided

Bridgewood's highly experienced bankruptcy team were able to deal with the property interest in a speedy and efficient manner, allowing legal proceedings to take possession of the property at an early stage.

Outcomes

Despite the property being in a very poor state of repair, it was realised for full market value within a few months of possession being granted enabling a substantial dividend to be paid with Bridgewood's fees being limited to enable the maximum return to creditors.

Our highly skilled bankruptcy team dealt with this matter in a fast and efficient manner resulting in low fees and enabling a substantial dividend to be paid to the unsecured creditors.

Paul Mallatratt, Insolvency Practitioner

Bridgewood is a trading style of Bridgewood Financial Management Limited (Company No: 07130329) and Bridgewood Financial Solutions Limited (Company No: 06957765). Registered Office: Poynt South, Upper Parliament Street, Nottingham, NG1 6LF. Registered in England and Wales.

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Paul Mallatratt (Licence No. 2039) and Louise Freestone (Licence No. 2030) are licensed to act as insolvency practitioners in the UK by the Institute of Chartered Accountants in England and Wales and are subject to their Code of Ethics, available in English at www.icaew.com[...]code-of-ethics-d

In carrying out the regulated profession of Insolvency, the firm is subject to the Insolvency Regulations and Guidance Notes at www.icaew.com/insolvency and the Statements of Practice at www.icaew.com[...]insolvency-regulations-and-standards