Case Study: Mr I - Trustee in Bankruptcy
Enhanced return to creditors as bankrupt's property realised for full market value
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.
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.
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.
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Thomas Grummitt and Andrew Smith are licensed to act as Insolvency Practitioners in the UK by the Insolvency Practitioners Association. In carrying out all work related to an insolvency appointment, insolvency practitioners are bound by the insolvency code of ethics and are subject to the regulations and guidance of their authorising body. Details of the code of ethics, statements of insolvency practice and other regulations and guidance issued by the Insolvency Practitioners Association can be found here: