A client of mine made a leaseholder bankrupt early this year due to thousands of unpaid service charges upheld by the LVT.
The bankrupt has now come forward to state that none of his assets can be touched as a Trust was created some years ago which reads:
THE TRUSTEE HEREBY CONFIRMS that henceforth the Trustee will hold the beneficial interest and the legal ownership of the Properties referred to in the Schedule hereto EXCLUSIVELY and ABSOLUTELY for and on behalf of the Beneficiaries until the youngest beneficiary reaches the age of 18
The schedule lists over a dozen of his residential let portfolio, including the ones with huge outstanding service charges.
Thing is, the trust deed has not been registered on any title deed of the properties scheduled and has only just been produced. It was witnessed by an individual whose name is partly scribbled, so not readily identifiable. It makes me think that the Trust is a fiction, and was not created until a few weeks ago.
Any ideas on a plan of action?
The bankrupt has now come forward to state that none of his assets can be touched as a Trust was created some years ago which reads:
Quote:
THE TRUSTEE HEREBY CONFIRMS that henceforth the Trustee will hold the beneficial interest and the legal ownership of the Properties referred to in the Schedule hereto EXCLUSIVELY and ABSOLUTELY for and on behalf of the Beneficiaries until the youngest beneficiary reaches the age of 18
Thing is, the trust deed has not been registered on any title deed of the properties scheduled and has only just been produced. It was witnessed by an individual whose name is partly scribbled, so not readily identifiable. It makes me think that the Trust is a fiction, and was not created until a few weeks ago.
Any ideas on a plan of action?