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Scottish Trust Deed Forum
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Topic starter
14/08/2013 10:47 am
Interesting update on Form 5's from the AIB.
Previously these were forwarded when the individual had made all payments and the Trustee advised that they had now been discharged. The discharge date was normally the date of last payment etc. The AIB are forwarded a copy of the form on the same date.
The current position is that the discharge will now be effective from the date the Form 5 is registered in the Register of Insolvencies.
One strange part is that we now have to submit a Form 5 stating:
ÔÇÿThe debtor has been discharged from his PTD on the date their discharge is recorded in the Register of Insolvencies'
This in fact makes no sense, so we will be making a statement that the debtor HAS BEEN discharged on a date which has not yet happened.
Oh! The joys.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
14/08/2013 10:56 am
Would the IP be better applying to the AIB first to discharge the likes of me first as well as them selves. Then write to me & say I was discharged on such a date. You cant write to someone that they are discharged when they in fact they are not until the AIB decides to update their file!
Common sense failure again.
Topic starter
14/08/2013 11:23 am
Hi sparky
No, it needs to be done in order. Otherwise if there was a delay, then the Trustee could be discharged before you and would have no locus to write to you to advise you had been discharged. Also he needs to pay final dividends etc which takes a bit of time.
The process is normally to submit Form 5 and then proceed to wind down the Trust Deed by paying final dividends. Once this is complete the Trustee can seek his own discharge.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
