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Re: Complicated legal situation.

"Alasdair" <mail@bobaxter.coo.uk> wrote in message
news:vfjte5pto3scrsgiqd71juvk16gob3c8o5@4ax.com...
> My friend's husband died very suddenly leaving a big big legal and
> financial  mess.  They were informally separated but not divorced. The
> deceased died without leaving a will.
>
> The deceased was in business and he owned several properties mortgaged
> to the hilt.  He also owned the matrimonial home jointly with his wife
> and it has some equity in it.  He had on lease some business equipment
> so how do the lessors get access to their equipment to get it back and
> sell it.
>
> Nobody has applied for Letters of Administration because such an
> application costs time and money and there is nothing in the estate to
> pay for it.  All we have at the moment are creditors and mortgagees
> jumping up and down wanting paid but there are no assets wherewith to
> pay them.
>
> In such circumstances, who takes over the management of a bankrupt
> estate and how are they appointed?  Does my friend stand to get her
> half share of the equity in the matrimonial home?


Sooner than later someone is going to have to sort the mess out, and the
longer things are left then the more complicated, difficult and expensive it
will be.  As there is no will then the intestacy laws apply. How is the
matrimonial home owned i.e. as joint tenants or tenants in common? If it is
a joint tenancy then the wife now owns the house outright subject to any
charges such as mortgages. If it is the latter then ultimately the creditors
can force a sale to get their hands of the equity held by the deceased. The
wife needs urgent, paid for, professional advice. Any delay is simply going
to make matters worse.

Peter Crosland

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