Bankruptcy Check Re: Inheritance.

[Bigbad]

I know that a solicitor (or presumably any executor of a Will) needs to do a bankruptcy check on the main beneficiaries.

Should this be done in advance, or not until the money becomes available?
One beneficiary in UK, the other in Spain.

Thanks.

[Peter Pedant]

oh, interesting question - and I dont know the answer

basicallhy it depends on when the property id deemed to have transferred.

Someones bankruptcy will determine July 1 st and Aunt Foofoo croaks on April 1st inconveniently - is the property to be transferred the commissioners, and to go to the creditors or the lucky discharged bankrupt's ?

I think probably the Queensland Commissioners of Taxes case is the leadin one. which i will go and remind myself

a chancery QC lurks here - and she will answer definiively

[Buenchico]

It makes sense to carry out any such search immediately before funds are paid to a beneficiary. Otherwise a beneficiary might enter bankruptcy between the search being carried out and the estate being distributed, leaving the executor liable to meet any claim from the trustee in bankruptcy.

Some background information:
https://www.hughjames.com/news/comment/2014/06/bankruptcy-affect-inheritance/

[Bigbad]

Thank you PP.
I’m glad I piqued your interest!

Dad died in January.
My sister and I sat in the solicitors office a couple of weeks later, and were informed about these checks.
Neither of us were bothered, because neither of us have anything to worry about.

The sale of the property was completed last week, and the checks still haven’t been done.

I’ve banged my head against a brick wall with this 2 person solicitors practice for 10 months, (Of the 2 beneficiaries, one of us (!) has done everything, including snatching victory from the jaws of defeat on at least 3 occasions by being very firm, whilst the other has sat on her bum and waited for the money to hit her bank account) and I really just want to be rid of these people and have everything done and dusted.

And thanks Buenchico.
I had already looked at that link, but as neither of us are bankrupt, it didn’t seem to be relevant.

[Peter Pedant]

oh I think the solicitor is being slow
and this is nothing to do with speed of check

google how long does a bankruptrcy check take ?

[Bigbad]

I’ve already tried looking for the answer online, but most stuff relates to bankrupts, so going through all the results is like wading through treacle, so I thought I’d take the easy option and ask on AB!

I also think the solicitor is too slow.
I also think he’s a bleeping self serving bleep!

[Buenchico]

>>> google how long does a bankruptrcy check take ?

I can answer that. Probably less than a minute for the UK check here
https://www.gov.uk/search-bankruptcy-insolvency-register

. . . and, after you've found someone who understands Spanish, probably not a great deal longer for the Spanish one here:
https://www.publicidadconcursal.es/concursal-web/

[woofgang]

yup....rule one, never make a solicitor the executor of a will. My own solicitor told us this.

[AuntLydia]

Its an easy search can be done in minutes:

https://www.gov.uk/search-bankruptcy-insolvency-register

I suggest you march down to the solicitors and stand over his secretary until she does the search.

[AuntLydia]

Buenchico -crossed posts, glad we agree ;-)

[Bigbad]

Yes, woofgang, I’m certainly learning that.

What a pair of greedy b’stards they are.

I sold my house last year for nearly 3 times what dad’s sold for.
The conveyancing cost me £1K.
The conveyancing on dad’s cost £3K.

I would normally complain long and loud over what I deemed to be an injustice, but I’ve had so much tish to deal with this last year, I think complaining will just drag it all out even more.
I just want a quiet life!

[woofgang]

I am so sorry you are stuck in this :(

[Bigbad]

Ah, thanks woofgang.

I know neither of us are desperate for the money, but I can’t help thinking that the longer these 2 can drag things out, the more money they will make.

Lots of old folks in the village, I expect when the time comes, lots of other families will have a head banging experience too.