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Scottish Trust Deed Forum
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Topic starter
12/08/2013 10:46 am
A couple of wee updates from the AIB.
DISCHARGE - Previously Form 5 was sent to the AIB which stated the date of discharge. Now the date of discharge has been amended to be the date on which the discharge is recorded in the Register of Insolvencies. If that makes sense. A bit of a procedural headache, but doesn't change things that much fortunately.
STATEMENT OF AFFAIRS - This is an unusual one. It states 'if the Accountant receives a trust deed, where the statement of affairs has been produced based on joint financial information; she cannot record the trust deed in the Register of Insolvencies (RoI) and give it protected status'
Not entirely sure how this will work out with income and expenditure statements. If these will now not include the other person's income and even trickier, benefits and other income and the expediture to be prepared on a pro rata basis!
I'm sure there's more to come.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
12/08/2013 2:55 pm
Still waiting on AIB clarification on the income and expenditure......
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
13/08/2013 10:55 am
Just received an update on how Income and Expenditures should be treated.
This could potentially be a minefield as they will have the power to stop a Trust Deed being registered as protected and you would then need to apply to the Sheriff or re do the whole process with a revised Inc/Exp. Update was;
'If you have a debtor who has a partner then, when producing the debtor's statement of affairs, only record and use the debtor's income in the calculations and determine the debtor's personal expenditure through discussion with the debtor. AiB does not expect any contribution to be paid out of a debtor's social security/Universal credit, but this income can be used when calculating the debtor's overall income.
For expenditure - this can include a pro-rata calculation for some expenditure if there is no clear split between what is being paid by the partner and debtor. If the debtor's partner has 80% of the family income, the expectation will be that the partner is paying 80% of the expenditure, with the possible exception of some expenditure that may be specific to the debtor'
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
13/08/2013 11:48 am
All these changes Mark, do they effect all trust deeds or newly signed ones?
Topic starter
13/08/2013 11:54 am
Hi sparky
No, it only relates to new signed trust deeds.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
