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Sequestration & Selling Assets

Posted: Wed Mar 20, 2013 12:27 am
by magsnmiles
My husband was sequestrated and was discharged in 2010. The only asset we have is our matrimonial home on which, the agent for the AiB subsequently obtained a possession. This they have not exercised as yet because I agreed to several price reductions at their request. Despite this no offers materialized until now.

We now have an offer, which is even lower than the latest asking price. In addition there is an additional inhibition order, which affects my own personal share of the equity.

My question is if I refuse the offer and the AiB wish for the sale to go ahead, can the 3rd party with the inhibition order stop the sale, as they would not receive their full dues?

I appreciate your response.

Re: Sequestration & Selling Assets

Posted: Wed Mar 20, 2013 10:18 am
by James Falla
Hello magsnmiles and welcome

Yes, I believe that the third party with the inhibition order can stop the sale going through if the sale price is not going to cover the debt. However they might decide to accept it if they feel it is the best that they are going to get. They can then still persue you for any shortfall on their debt which is left unpaid.

Re: Sequestration & Selling Assets

Posted: Wed Mar 20, 2013 11:41 am
by magsnmiles
Thank you for your response. Your answer was pretty much as I expected. I was looking for confirmation. Once again thanks.

Re: Sequestration & Selling Assets

Posted: Wed Mar 20, 2013 11:57 am
by James Falla
No problem at all magsnmiles. Please do not hesitate to come back to us if you need further help.