Hi sherlock.

If someone came into enough money it could certainly enable their protected trust deed to come to an early finish (and be recorded as such).

The amount to be paid over would be:

1 - The full debts.
2 - Interest on the debts.
3 - The fees and outlays of the Trustee.

You are correct that any contributions made to the trust deed already would be taken into account.

If the windfall received was in excess of the total above the individual would keep the surplus.

Hi sherlock

Trust Deed Assistant is correct. Full repayment would be required of all debts, costs, outlays and interest normally at 8%. Hopefully if this was to happen earlier rather than later, the fees etc wouldn't be too much.

Mark

Hi Mark (& Kevin & Shona),

Kevin has mentioned previously in another thread that the original contractual rate of interest might also apply in these circumstances.

Is this one of those issues where a Trustee has some discretion rather than there being a clear rule?

There is a clear rule that it should be the contractual rate or 8%, whichever is the higher. However, in practice the trustee may well be able to get the agreement of the creditors that they will all accept the 8% only.

That's very interesting indeed and thank you.

But if that were the case, then I assume that person's details on the AIB site would show either a date against "Date when statement of realisation and distribution received" or "Date of trustee's discharge" within just a few weeks or so?

Hi sherlock.

That should be correct. Once all of the money is paid over in these circumstances discharge from the trust deed really shouldn't take long.