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Scottish Trust Deed Forum
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Topic starter
25/06/2013 10:59 pm
I've contacted to my case manager for an update on my T.D closure. I hope they don't think I'm badgering them a bit (I 'am really) but I just want to know that my case is being looked @ for closure.
How many days are give for creditors to make a claim against my trust deed & if they don't can they loose their share of the £ pot?
Do IP's send cheque payments to creditors who are entitled to their share? and do they have to wait to all funds have cleared before an IP is able to be discharged from their duties.
25/06/2013 11:41 pm
Hi sparky
There is no time period as such for creditors to submit claims, although these should all be received and agreed within the 1st 12 months in my opinion and certainly not left for 3 years.
The Trustee has the right to reject claims if they are not received and they then receive no dividend.
Most decent firms should be in a position to have paid the final dividend before seeking their discharge to ensure this was dealt with promptly. Any non cashed cheques can be consigned to the AIB to allow for closure.
The closing process is the trustee seeks his discharge from creditors by issuing form 6. If there are no objections he is discharged after 14 days and then submits his Form 7 to the AIB to record his discharge.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
