{"id":10871,"date":"2011-01-21T11:16:01","date_gmt":"2011-01-21T11:16:01","guid":{"rendered":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/?p=10871"},"modified":"2019-08-02T11:17:41","modified_gmt":"2019-08-02T10:17:41","slug":"official-receiver-policy","status":"publish","type":"post","link":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/official-receiver-policy\/","title":{"rendered":"Official Receiver Policy"},"content":{"rendered":"\n<p>A significant policy change in the way that the Official Receiver \n(OR) deals with a bankrupt\u2019s interest in the family home is being rolled\n out. Hitherto, where there was little or no equity in the property, the\n OR was quite amenable to disposing of the bankrupt\u2019s interest by \naccepting a nominal sum (often just \u00a31) plus transaction costs (a few \nhundred pounds) from the bankrupt\u2019s spouse or family or a friendly third\n party and so enabling the property to be re-vested in the bankrupt.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>The policy change which came into effect in January 2011 means that \nthe OR will no longer dispose of the bankrupt\u2019s interest in this way, \neven when there is no equity in the property, although the discretion to\n do so is being retained. In general, the new policy means that the OR \nwill wait for a period of two years and three months after the \nbankruptcy order is made before reviewing the case, unless an offer is \nmade in the meantime which is in the interests of the creditors to \naccept. No longer will nominal offers be accepted as a general practice.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"424\" height=\"283\" src=\"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/03\/Fotolia_6790790_XS.jpg\" alt=\"Equity in Bankruptcy \" class=\"wp-image-3931\" srcset=\"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/03\/Fotolia_6790790_XS.jpg 424w, https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-content\/uploads\/2019\/03\/Fotolia_6790790_XS-300x200.jpg 300w\" sizes=\"auto, (max-width: 424px) 100vw, 424px\" \/><\/figure>\n\n\n\n<p>Market expectations are that property values have bottomed out or are\n about to do so and that they will begin to increase in the next year or\n so. Still, it seems a little harsh on any property owner who is \nunfortunate enough to become bankrupt, that the OR\u2019s actions will have \nthe effect of darkening any ray of light at the end of the bankruptcy \ntunnel by retaining the opportunity to cash in on any future increase in\n equity in the property.<\/p>\n\n\n\n<p>The motivation for the policy change is not transparent but it does \nseem that the OR wants to make bankruptcy a less attractive insolvency \nsolution than it has become over the last few years and that it will \nlead to a surge in the demand for Individual Voluntary Arrangements with\n a corresponding reduction in bankruptcies.&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A significant policy change in the way that the Official Receiver  (OR) deals with a bankrupt\u2019s interest in the family home is being rolled  out. <\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","footnotes":""},"categories":[2],"tags":[],"class_list":["post-10871","post","type-post","status-publish","format-standard","hentry","category-bankruptcy-articles"],"_links":{"self":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/10871","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/comments?post=10871"}],"version-history":[{"count":1,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/10871\/revisions"}],"predecessor-version":[{"id":10876,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/posts\/10871\/revisions\/10876"}],"wp:attachment":[{"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/media?parent=10871"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/categories?post=10871"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nationaldebtrelief.co.uk\/debt-articles\/wp-json\/wp\/v2\/tags?post=10871"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}