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Scottish Trust Deed Forum
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Topic starter
09/05/2013 11:32 am
Thankfully I'm not in this situation - But what would happen if my trust deed failed and I was petitioned for bankruptcy - What would happen with my instalments I have already paid into my trust deed? would my IP then run the actual bankruptcy for a further 3 years with me paying the same amount monthly as I did in my trust deed until either my debt was cleared which would be unlikely or to the end of the further 36 payments?
09/05/2013 12:42 pm
Hi sparky
depending on what had been paid, the trustee would deduct the fees and outlays and then pay the balance as a dividend. He would then, if required, be appointed as Trustee in the bankruptcy which would run for a further 3 years and a 3 years of payments.
There are very few circumstances where an IP will not know beforehand if a Trust Deed will be accepted as it runs pretty much to a set criteria.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
