Robert 'Crab Bait' White consents to losing his houses

[longdog]

It doesn't sound like this guy is an actual letting agent but rather just a crony of White's. Not sure if that makes it easier or harder for the Receiver.

I wouldn't think the receiver would care very much one way or the other. I suppose 'Joe The Letting Agent' always has the option of deciding he no longer wishes to act as letting agent for the properties and who could blame him. He would of course still be obliged to hand over all the relevant paperwork and accounts to the proper authorities... Not his 'good friend' Bob.

[ArthurWankspittle]

The only think that compounds the issue which hasn't been mentioned, is that the lenders have charges against the rental properties. If they aren't being paid they can repossess, bankruptcy or no bankruptcy. I can see the entire portfolio disappearing in mortgages, fees, costs and bankruptcy fees.

[notorial dissent]

If our little quail's comment is true about "got rid of the mortgages" then I would suspect that the properties will all soon be in foreclosure.

[mufc1959]

If our little quail's comment is true about "got rid of the mortgages" then I would suspect that the properties will all soon be in foreclosure.

I'm guessing that what has happened is this. In Crabby's tiny mind, he thinks he's "got rid of the mortgages". The Trustee has probably told all the lenders that the mortgages are now part of the bankruptcy debts, and the lenders will have written to Crabby to confirm this too. As they're secured debts, they don't get written off. Presumably the Trustee was expecting the tenants to pay the rent to him while he decides what to do with the bankrupt estate, which assets to liquidate, which to retain in the expectation of returning them to Crabby once the debt is paid. But as we know, Crabby's got his mate to act as 'letting agent' and collect the rents for him. So he thinks he's got no mortgages, but free rental income. All he's actually got is a rude awakening coming his way.

https://www.nationaldebtrelief.co.uk/nd ... ankruptcy/

The bankrupt’s estate vests in the trustee immediately on his appointment taking effect or in the case of the official receiver, on his becoming trustee. The trustee can disclaim any onerous property and any property in significant negative equity would be regarded as onerous property.

Property with equity of up to £1,000 – deemed de minimis – can usually be bought back from the trustee for a nominal sum. It is not uncommon for the family of a bankrupt to buy back such a property on payment of £1 plus the official receiver’s costs of £211.

If the equity in the property is in the range of £1,000 to £5,000 then the trustee may seek to register a charge on the property rather than trying to realize this equity by having the property sold, with the risk that the sales price might not reach market value and that the equity realized might not cover the cost of sales.

If the equity in the property exceeds £5,000, the trustee may seek to sell the property and to realize the equity for the benefit of creditors and to pay the costs of bankruptcy. The bankruptcy laws deal in great detail with the rights and duties of the trustee and the bankrupt and the rights of other parties such as the bankrupt’s family and of creditors.

Where a bankrupt owns one or more ‘Buy to Let’ properties it appears that there has been a relatively recent change in the attitude of some trustees to the treatment of such properties. Historically where there was little or no equity in such a property, trustees allowed the bankrupt’s family to ‘buy back’ the property and allowed the bankrupt to manage the letting of the property and the servicing of the mortgage. Any surplus income thus generated would constitute part of the bankrupt’s disposable income and be subject to an income payments order. Thus the trustee would receive payments from the bankrupt for up to three years.

More recently, it appears that some trustees seek to seize control of such ‘Buy to Let’ properties and to assume all responsibility for them: receive all rental income; pay the mortgage and all associated insurance & maintenance costs; deal with all letting and tenant issues and take all the day to day decisions relating to the properties. Should the properties go into significant positive equity in the first three years of the bankruptcy, the trustee would also be in a position to realize the equity prior to the property re-vesting in the bankrupt debtor. The motivation for this change in approach by trustees is unclear unless they expect to improve the returns for creditors by taking such action.

[Juisarian]

And thus the Trustee can sue the Letting Agent for the rent which should have been surrendered, obtain a third party debt order to seize the owed sums from the Letting Agent's bank, or other orders against his assets, send Bailiffs in etc. The letting agent will be in trouble with his regulator and insurers, and a CCJ won't help his business to thrive. (Best of all, all of the legal costs will be paid from Crabby's estate)

And if Joe the Letting Agent doesn't have any rent money to pay the Trustee, because he already gave it all to Bob the Bankrupt, could he end up bankrupt too?

[Siegfried Shrink]

Interesting details, thanks for posting them.

Good to see that Quatloos is back to cover the UK wierdos, Fogbow did a good job on US events but there is no substitute for the coverage of our home grown disaster areas.

[Siegfried Shrink]

And if Joe the Letting Agent doesn't have any rent money to pay the Trustee, because he already gave it all to Bob the Bankrupt, could he end up bankrupt too?

This is exactly what could happen, although it would depend on Joe being a man of substance, someone with enough assets to be worth the costs of bankruptcy. If he is a man of straw (not a strawman, please note), in simpler terms someone without a pot to piss in and a window to throw it out of, he be laughing. He'd still be liable to other civil recovery procedures including deduction form any income.

[Gregg]

Over here, they'd both be guilty of criminal bankruptcy fraud.

[AndyPandy]

Over here, they'd both be guilty of criminal bankruptcy fraud.

I don't know enough about bankruptcy law but I'd be very surprised if it's not similar here, at the very least it'd be contempt of court which carries a custodial sentence.

[mufc1959]

Crabby is reporting on FB that, after he attends Loughborough Mags tomorrow (as a supporter to another loser), he's taking a week's break from FB because he has "some serious s--t to sort out". Could it be that the Trustee in Bankruptcy is playing hardball over Crabby's shenanigans at long last ...?

[Hercule Parrot]

Crabby is reporting on FB that, after he attends Loughborough Mags tomorrow (as a supporter to another loser), he's taking a week's break from FB because he has "some serious s--t to sort out". Could it be that the Trustee in Bankruptcy is playing hardball over Crabby's shenanigans at long last ...?

I have always wondered if Mrs Krabby will eventually find out the full extent of his misadventure, and put her foot down. Instead of funding 20 yrs of pleasant retirement in warmer climes, the family assets are being squandered upon the Trustee's handsome hourly rate, and all the lawyers, bailiffs, accountants and agents he requires to pay off Krabby's Kreditors. I have a suspicion that Mrs K will not be a big fan of elective poverty, no matter how much it pleases Krabby's desire for hero/martyr status.

[exiledscouser]

I've noticed that Crabbie's insolvency is still scheduled for discharge in July.

A sure-fire indication will be it's extension - or not.

If its the latter then despite all the fighting talk and threats of death he'll have paid off his debts and moved on, something even the never-say-die Jimmy One Cell finally came to terms with.

Crabby needs the attention of the flock so I think we'll be hearing from him shortly.

As for Mrs. Crab, I think it'll be Margate not Marbella that'll be Gods Waiting Room for her.

[aesmith]

I thought he'd be on hand to witness this court case, but apparently not ...

Robert White
Right I'm off for a couple of days, if anyone needs any help with anything Common Law Court and Ian Brewster should be able to help.

[longdog]

Predictable to everybody except Bob and his idiot mates it seems...

Robert White


Bankruptcy update. It looks like the trustee Mr Perkins has won a battle, he has convinced the landlord in Southampton to start paying the rents into their account after months of threats. They even cut off one of the tenants gas with no notice or any reason. Apparently he wants to arrange a meeting with me, when that happens it won’t be on his terms. He’s employed a firm called Landwood Group to do the dirty work and Richard Blackman director, and Damon James Watts solicitor to take over, the war will continue and more traitors added to the list. They're looking at valuing the properties.

For 'landlord' it think we can read the letting agent who obviously has a little more common sense than his client.

[exiledscouser]

Predictable to everybody except Bob and his idiot mates it seems...

Robert White


Bankruptcy update. It looks like the trustee Mr Perkins has won a battle, he has convinced the landlord in Southampton to start paying the rents into their account after months of threats. They even cut off one of the tenants gas with no notice or any reason. Apparently he wants to arrange a meeting with me, when that happens it won’t be on his terms. He’s employed a firm called Landwood Group to do the dirty work and Richard Blackman director, and Damon James Watts solicitor to take over, the war will continue and more traitors added to the list. They're looking at valuing the properties.

For 'landlord' it think we can read the letting agent who obviously has a little more common sense than his client.

How much faith do you think we can place in what this man posts on so public a forum? Is he actually telling the truth and not some game? If Crabby really is running straight into conflict with his Trustee and his appointees then more fool him.

Valuing properties is a precursor to selling properties. The Trustee is going to get paid here, make no mistake.

That is, if what Crabby posts is right and he isn’t another Assassin “Walt” type. I can’t believe someone would willingly actually go through with this just to big himself up in the eyes of his internet buddies.

Allowing for a moment that this is all true, he appears to be targeting individuals working for the Trustee and at least one appears to be a real person. If that were me my hourly rate would have been revised steeply upwards. There is certainly way more equity in these properties than the current level of debt.

Crabby hints at taking a back seat at PLD and I don’t think he was with the CT rebels at Loughborough last week so maybe he’s finally growing up and getting this sorted.

[longdog]

I can’t believe someone would willingly actually go through with this just to big himself up in the eyes of his internet buddies.

I believe him on this to be honest. I think he's dug himself into this hole and he's starting to realise that he's lost all of the previous battles and that his losing the war entirely is just a matter of time.

As I see it one of two things is likely to happen. Either he carries on with this nonsense for a while and eventually has to admit he's been beaten to his mates or he just quietly disappears and starts cooperating in his bankruptcy in the hope of saving something from the chaos of his own making. The second alternative is the nearest to winning he's going to get.

I suppose there's the third option of just lying through his teeth and pretending he's won but that's not going to fool anybody except his fellow 'rebels' and probably only some of them.

[SteveUK]

I don’t know . I think Crabbie is a man with nothing left to lose, and they’re quite stubborn. He’s been jailed, bankrupted , the properties are about to go and I suspect Ms Crabbait has long since gone.

[Hercule Parrot]

29 Jan - I would kindly request that you refrain from interfering with these tenancies and refer your queries directly to Mr White who I can only presume you have the contact details for.

Your Sincerely,
Letting Agent

05 Mar - Sorry about the mix-up, and thank you for advising me of the legal situation. Will bank transfer be okay, or would you prefer a cheque?

Your Sincerely,
Letting Agent

If Krabby has been pocketing the rent without paying the BTL mortgages, that's knocked a big hole in his monthly income. Nice to see the Trustee slowly ratcheting this down, with all the legal costs payable from Krabby's estate.

[NYGman]

I don’t know . I think Crabbie is a man with nothing left to lose, and they’re quite stubborn. He’s been jailed, bankrupted , the properties are about to go and I suspect Ms Crabbait has long since gone.

Except you have to believe they are decent rental properties and still have equity, and remember his self-important view of himself, so yea, nothing to lose, but his savings and ego. We have seen real people with nothing left to lose keep fighting (eg. Tom Crawford, PAYG Dave, Peter of England, Michael O'Bernicia, Mr. Ebert, etc.) but Crabby isn't one. He seems to just be a mean little spiteful idiot of a man, who sees himself as perfect, just showing the world his supremacy. He has everything to lose, which is why I think he keeps going. He will not quit until he loses everything he has, and his ego will be last to go.

[SteveUK]

I don’t know . I think Crabbie is a man with nothing left to lose, and they’re quite stubborn. He’s been jailed, bankrupted , the properties are about to go and I suspect Ms Crabbait has long since gone.

Except you have to believe they are decent rental properties and still have equity, and remember his self-important view of himself, so yea, nothing to lose, but his savings and ego. We have seen real people with nothing left to lose keep fighting (eg. Tom Crawford, PAYG Dave, Peter of England, Michael O'Bernicia, Mr. Ebert, etc.) but Crabby isn't one. He seems to just be a mean little spiteful idiot of a man, who sees himself as perfect, just showing the world his supremacy. He has everything to lose, which is why I think he keeps going. He will not quit until he loses everything he has, and his ego will be last to go.

I’ll give him the benefit of the doubt. The Southampton rental yield is quite good , largely thanks to the students and London commuters. I reckon he’s sat on a fortune.