Bankruptcy
What is Bankruptcy and Why to Conduct the Bankruptcy Search
Bankruptcy is declared on a person when he is unable to repay the debts. Upon which a compromise with creditors is agreed and consequently bankruptcy is filed in court.
The whole intention of the bankruptcy process is to equitably allocate debtor’s assets among the creditor(s).
Why should you conduct bankruptcy search when investigating title of a property
If you don't, then you are more vulnerable to lose your investment. For persons that have been adjudicated as bankrupt, they can no longer deal in a sale, mortgage and such. The property would be vested in the creditor by the general division in the High Court.
So, it's critical to know if an individual is adjudicated as bankrupt. For those reasons, one should conduct bankruptcy searches on an individual.
And if you are a mortgage broker, conducting bankruptcy searches against the borrower should be a part of a lender’s security, which could impact on the mortgage otherwise.
Register at i-PAP today to conduct bankruptcy searches faster than ever before in a hassle-free way, without compromising accuracy of information and most importantly at a nominal subscription.
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