Hi there just looking for a bit of information on what to expect? Due to illnes i had to give up working wich ment i could not could continue with my payments so my trustee is filling for my sequestration, my question is what happens now? Do i go to court does someone come for my assests? just not sure. if you could give me some sort of idea what to expect that would be great.
thank you
gillian
Hi gill85
You will receive court papers, but there is no need to go to court unless you wanted to defend the action - ie argue as to why you should not be sequestrated. If you wanted to do this then you should seek legal assistance.
Assets you have may be affected, but most of your household possessions are exempt - it is really just large assets like cars/house/savings plans etc that might be affected, the same as a trust deed.
Hi i won't be defending the action, no i don't have any assests or savings i live in a private let, i sold my car afew months ago as i owed money to money lenders and couldn't do anything else so i'm not sure how that will affect me.
How long usually does the whole thing take to go through.
thank you very much for getting back.
Hi gill85
My advice would be to speak with your Trustee on this.
In a previous post you advised that you sold the car without the Trustee's consent, in effect disposing of an asset and it may be that the Trustee under the sequestration may consider legal action because of this.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Hi. What sort of legal action do you mean?
Hi Newbie65,
I think on a previous post you had mentioned that you had a car that had been left out of the trust deed because the value was below ?ú1000 BUT that your Trustee may make checks during the trust deed to confirm that you remain the owner.
Are you now considering selling it?
Hi again TDA... No no, not thinking of selling, I was simply curious as to the legal action mentioned that a Trustee under the sequestration may make. I find this forum a world of information.
Hi all
sorry I was getting a bit confused and was responding to Gill85's post as she wrote previously 'I was allowed to keep my car with the value of ?ú5000, I had to sell it but never told my trustee'
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Hello Newbie65,
I'm glad that you're finding the site useful and informative.
Perhaps one of the experts could explain what legal action could be taken by a Trustee in connection with a sequestration where an asset was disposed of in the way described...