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Topic starter
10/10/2012 1:14 pm
I am trying to decide whether to remain in Trust Deed (struggling to make any payments as only earning equivalent of minuimum wage) or apply for sequestration.
The main sticking point is my only significant asset - a 25% share in family business, which is probably worth about £10K. I cannot sell without consent of the other shareholders (my mother, father and brother) and none of them are in a position to buy me out. If I continue in Trust Deed (another 19 months) I will be expected to pay in the value of my shareholding at the end or extend trust deed. Would this be the case in sequestration too?
10/10/2012 3:08 pm
Hi fcwalker
I dont think we can advise what to do as the shares will rank as an asset in both the Trust Deed and the sequestration should you decide to follow this route.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
10/10/2012 8:42 pm
Your shareholding would vest in your trustee in a sequestration, fcwalker, so chances are you would have to make a similar arrangement - though it would be up to your trustee's discretion
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
10/10/2012 9:33 pm
Hi, your assets are treated the same whether you are in a trust deed or sequestration, so you would probably be no better off. I would suggest speaking to your Trustee.
Shona is not currently posting in the Trust-Deed.co.uk forum.
Topic starter
11/10/2012 10:14 am
I met with KPMG on Monday. They think I can afford to make contributions to Trust Deed. I dont. I have no money for emergencies, no money for Christmas presents.
