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Topic starter
05/10/2010 1:18 am
A close friend is considering going down the LILA route. I have allowed him the use for a few years of a motorcycle which was registered in his name to make insurance easier. After discussing with him his intent of declaring bankruptcy, I have subsequently tranferred the registered keeper to myself to ensure that it is not seen as his asset (it's worth abot 2,000). There seems to be a bit of a grey area around what proof of ownership is required, the DVLA documentation refers to a Registered Keeper NOT Owner and most insurance provider require the registered keeper to be the same as the policy holder, hence why the vehicle was in his name. How can we satisfy the AIB or whoever the trustee is that the vehicle is in fact mine ?
05/10/2010 6:33 am
Hi Dave
I think you may have a problem. You are correct the the registration and insurance do not confirm ownership, however being in possession of the bike for a few years may well.
The circumstances are certainly unusual and you would require to show proof of purchase ( receipt) and source of money to buy it. That said, it could be suggested that the bike was then sold to the current user.
Not much help I know, but I suspect it's the way a Trustee would approach it.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
