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Topic starter
24/07/2011 7:26 pm
How long is it likely to be before someone in a PTD is made bankrupt if they have become unemployed?
The PTD was registered at the end of October and they left work in early January, just over two months later, and flitted to England.
I understand that it is possible to get a payment break to allow for periods of unemployment - there is a limit though surely?
Sherlock.
24/07/2011 8:11 pm
Mark recently wrote that missing three payments may place a trust deed in jeopardy but the evidence in this forum is that firms seem to take different views in reality.
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25/07/2011 9:37 am
It isn't unusual for suspensions for six months or more if all parties are happy with it. Depends a lot on the circumstances really - ie whether voluntary unemployment, job prospects, how far the Trust Deed has progressed, prior payment record etc. Trustees tend not to want to make people bankrupt if they are genuine and really don't want it to happen.
Of course sometimes it may be the best course of action all round. And if someone has given up their job and "flitted" then a trustee is less likely to be flexible. However, these days it is probably more likely that the trust deed will be ended but the debtor not discharged from their debts, rather than them being sequestrated.
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Topic starter
25/07/2011 8:58 pm
Interesting. Now she's in England of course there's no LILA option as she has no income and no assets at all. She has just sold her car but whether that is due to a demand from the trustee or if she's sold it on the sly and kept the money is unknown.
Is it a public record if the trust deed has ended?
