I am currently bankrupt. I have one property in my name and another property in a trust (corporate trustee) that I am no longer director/shareholder of (havent been since before bankruptcy).
There is, however, 1 loan over both these properties. These properties were both developments so each have a separate JV agreement & the JV partner has a second mortgage over both the properties.
A 7-day cash offer has been made on the property in my name. However both trustee & bank are saying they would rather do an auction in 8 weeks.
After failing to negotiate with either the bank (over 2 years) or my bankruptcy trustee to recognize the proportion of the loan that applies to these properties the bank has now stepped in and has enacted a mortgagee in possession.
My bankruptcy trustee is instructing them to sell the property in the trust/company structure first and reduce the loan by the full funds. It then wants the property in my name to be sold second and they then want to take the full funds. Obviously I have major issues with this in that the JV will not even get the funds back they put into the deal.
Do I have any legal redress to make the bank accept the offer that has been put forward (it is fair market value) or stop the trustee taking the full funds?
There is, however, 1 loan over both these properties. These properties were both developments so each have a separate JV agreement & the JV partner has a second mortgage over both the properties.
A 7-day cash offer has been made on the property in my name. However both trustee & bank are saying they would rather do an auction in 8 weeks.
After failing to negotiate with either the bank (over 2 years) or my bankruptcy trustee to recognize the proportion of the loan that applies to these properties the bank has now stepped in and has enacted a mortgagee in possession.
My bankruptcy trustee is instructing them to sell the property in the trust/company structure first and reduce the loan by the full funds. It then wants the property in my name to be sold second and they then want to take the full funds. Obviously I have major issues with this in that the JV will not even get the funds back they put into the deal.
Do I have any legal redress to make the bank accept the offer that has been put forward (it is fair market value) or stop the trustee taking the full funds?