They dont take them as such in the way you are thinking, by law they automatically transfer over to the trustee with no effort involved

And you told them when you became bankrupt, and you put the account down in the bankruptcy forms

The OR assesses your income and expenditure, if you have a surplus you may have to pay that in for up to 3 years

Ok the situation is this, Co-op and Barclys are the only banks that regularly offer accounts to bankrupts Natwest are a bit hit and miss but worth a try Santander generally do not Co-op- do not offer accounts if they have a debt in the bankruptcy Barclays will give you an account even if you have a debt of theirs in the bankruptcy, and is probably the one to go for but dont open it until the day after bankruptcy as banks have a right of set off on the day of bankuptcy which could mean they could take the money in it on that day towards their debt hope that helps

but simply giving it over on the expectation that they will give it back after a year is exerting control over the company, ypu deciding what job role you are going to be assigned during the bankruptcy is exerting cotrol over the company, would you be happy if the new director decided that you should just scrub the toilets, as he feels that is your best role what would you do if the new director just decided not to employ you and take the name and business contacts for himself if you have any control to stop that happening then you are exerting control over the company

both thr first two are the same, what matters is what you do during the bankruptcy as that is when you are disqualified, the restriction is specifically designed so that you cant have the protection of limited company status whilst you are bankrupt, you seem to be trying to circumvent this. did you read the link i posted this is the main point from it What am I not allowed to do? While the order or undertaking is in force, it stops you acting as if you were a director. So you cannot avoid the order or undertaking by simply changing your job description. The order or undertaking also means that you must not get other people to manage a company under your instructions.

This is what you need to read, it explains how doing what toddle is suggesting is unlawful and what the conseuences can be, It is mainly aimed at people that have been given a disqualification order but applies equally to persons disqualified for the reason of bankruptcy. http://www.bis.gov.uk/insolvency/Companies/insolvent-companies/i-am-a-director#2

i think you will create more problems by trying to dispose of an asset than you would by buying it back from the OR, depending on your age, health etc, another option could be not to buy it back , just drop it and start a new policy after the bankruptcy

Please note Along that what Toddle proposes is called being a shadow director and is unlawful, you have been warned, i will bow out now as i have said my piece

I think you may be confused, Most pensions are exempt from bankruptcy under the Welfare Reform Act and so dont need to be bought back, Life Assurance vests and so does and is commonly sold back if it does not have a surrender value for £50 as per the link above

For info 31.5.40 Life assurance policies - bankruptcy Modern life policies come in a variety of forms ranging from whole life or term policies (where the obligation on the insurer is to pay on death or death within a specified time) through endowment policies (where the obligation is to pay on death or survival for a specified time) to annuities and policies linked to investments in property. They are valuable items of property which can be used as security, sold or otherwise disposed of. 31.5.44 Realising life assurance with no surrender value (amended November 2007) Where the policy does not have a surrender value, the official receiver should consider allowing the debtor to purchase the trustee's interest in the policy. The Insolvency Service has adopted a standard fee of £50 to cover the administrative costs of any assignment of the policy. The standard letter [LTBPOL] should be sent to the bankrupt which outlines the possible action he/she may take in respect of such a policy. It should be noted that if the policy is kept in force by the bankrupt (for example, by continuation of payment of premiums) and the bankrupt does not effect an assigment then any payment due from the policy will be an asset in the bankruptcy estate. The standard letter advises the bankrupt of this circumstance. In any case where the official receiver has been unable to surrender or dispose of a policy prior to the condition for payment on the policy being fulfilled (including where the policy pays out on the disablement of the bankrupt) the official receiver as trustee will be entitled to receive the proceeds as and when they become payable, whether before or after discharge Re Cork v Rawlins [2001] 3 WLR 300. FURTHER READING http://www.insolvencydirect.bis.gov.uk/freedomofinformation/technical/TechnicalManual/Ch25-36/Chapter31/part5/part4/part_4.htm

The policy like all other assets will vest in the bankruptcy, The trustee then has to decide what to do with it, it has been common practice to sell the interest in it back to bankrupt for £50 in recent years, other options are to just let it expire (ie the bankrupt ceases payment). In your case toddle, did you declare the details in your SOA, did you buy the interest back from the OR, is the policy assigned to anyone else, for instance a mortgage company, are you still making payments

You cant have someone run it for you, ie you cant in any way be in control, for example if someone else takes over, then they should have the real power to be able to sack you and get someone else to take your place if they wanted you, they cant just be a puppet for whatever you want to do with the business., in any event the shares you hold in the company will become the property of the trustee in bankruptcy. since they would be the owner then i suppose they would then be able to elect a director, but they usually would not they, and most bankrupts would not bother as they would just become a sole trader.

During the "year" of bankruptcy you have to declare if you take credit of more than £500 After you are discharged, you still have to declare forever but only if specifically asked

thank goodness the veil has been lifted now then, hey

regardless of if it has a cash in value or not, it is still an asset as per the bankruptcy rules. there are 2 tests for insolvency, one is if you have mre going out each month than comeing in, so for instance if you had no use of credit could you pay all your bills , food etc plus all of your legaly required payments to creditors, if not then you are insolvent. the other test, is assets based, do you have more debts than you have assets, if so then you are insolvent. if either of the above applies then you are insolvent and disposals of assets would be looked at if you subsequently went bankrupt

so did you get all of the house or something like that, was there equity in it, did he promise not to make a claim on your assets or something

what did you get in return for buying the motorhome

ok then, well as far as the OR in his bankruptcy is concerned then the transfer of the lease is not in their jurisdiction as the transfer is between 2 limited companies and not from his personal estate, one thing the OR migh be interested in is if he is running the company set up by his cousin rather than his cousin running it as this is called being a shadow director and obviously not allowed. The transfer of the lease may be of interest to any liquidator of the original company if one is appointed

ok lets start with the basics, when you say company, do you mean he has had a limited company (or more than one) or do you mean he has a buisiness as a sole trader

In general a life insurance policy would be come the property of the trustee in the bankruptcy, what happens to it after that depends on the details of the policy. Transfering assets prior to a bankruptcy when you know you are insolvent could be recovered by the trustee and a further restriction pkaced on the bankrupt

sorry not my area of expertise

The problem with that is that it does not just say that you cant be the director, it says that you cant be involved in the formation, promotion or manageent of any ltd company. That means you cant have any influence at all in the direction of the company

How much is the house worth, how much is the mortgage, how much is the secured loan

yes the hypothetical dates you give would be fine, Bankruptcy day is the day you go to the court, the judge makes the order with the date and time on it and that is the moment you are officially bankrupt