Hi ibmstyle

The main reason the banks take this approach is due to potential exposure ie they allow the continued use of the accounts and somehow the Trustee sues them for the money, eben though its post Trust Deed. It's another case where process overrides logic.

I would be surprised if any trustee would instruct a solicitor to produce a letter and in my experience, a letter from the Trustee explaining that the Trustee has no interest in the accounts etc is normally sufficient.

Mark

Hi ibmstyle,

We have a recent case whereby the individual who has signed a Trust Deed with us has the same name as a parent. The bank have frozen the parents bank account thinking it's the same person but the bank account happens to be that of a Limited Company. Two things, the parent hasn't signed a Trust Deed and the bank account is in the name of the Limited Company with the parent as a director. As you can imagine this has caused a lot of problems.

It's taken numerous letters and phone calls with the bank to make them realise the difference regarding each individual and also each entity i.e. the Trust Deed and Limited Company.

It's sometimes a case that you speak with a customer service advisor who really doesn't have any experience in dealing with something like this. You need to try and speak with a manager or submit a formal complaint for someone with knowledge and experience to investigate and resolve it for you.

A letter from your Trustee should really be sufficient for them to remove the freeze.

The Bank of Scotland are a bank to avoid using if someone is in a Trust Deed or considering signing one as in my experience they will freeze and close the bank account.

Hi ibmstyle

Sometimes maybe the best idea is to turn the tables back on the argument and advise that the bank have been fully advised of the position, the Trustee has no interest in the accounts and their continued failure to deal with matters or allow you to operate the account will result in financial loss.

These things are always better in writing as at least there is something on the record.

Mark

My trustee has already sent that letter to bank that they have no interest in this company's account and must be unfrozen but bank considers my trustee a 3rd party and doesn't reply or speak to my trustee.they only reply me and speak to me and asked me to send the letter from solicitor.when I spoke to the bank that said that it can be any solicitor who could write to them and tell that am not in bankruptcy but trust deed.i know my trustee can't hire any solicitor for this but I can hire and I think solicitor should have no problem saying this because it's really not a bankruptcy but trust deed.do you have any information of any solicitor or any free legal aid

Hi ibmstyle

You should be able to speak with a solicitor representing the company and you as Director, as opposed to the Trust Deed. It should be easy enough for them to state that you are not in formal bankruptcy and are able to operate as a Director of a Ltd company as any restrictions apply only to sequestration.

Mark

Ok thx

Good luck finding a decent solicitor though!

Mark