I'm just into a TD with a recomended compny in Glasgow -had to go four years but happy so far
just wonder what would happen if Mr ...... retires (or dies0 as he seems quiet elderly.
Thanks
Hello haggishumper and welcome.
Trustees are required to make arrangements to cover scenarios like these where they might no longer be in a position to handle their professional appointments.
In the event that your trustee could no longer handle your case it would, behind the scenes, be transferred to another insolvency practitioner.
so i wouldnt know that it was still Mr.....?
and my name wouldn't need to be in the paper again?
Thanks.
what I mean is would i get an official thing to tell me i had a new trustee and would the crditos/
Hi again.
I don't think your name ever went in the paper did it? Trust deeds are entered onto the Register of Insolvencies - an online register than is publicly accessible.
A new trustee would inform you and your creditors of their appointment.
somebody said your same goes in the paper sorry
i'm not ixplaining very well I had to sign the document and the creditos had to agree
what if they didn't agree to a new one?
Hi HaggisHunter
Trust Deeds used to be recorded in the Edinburgh Gazette. I believe that is what you are referring to.
Information was then included into their new electronic database which is kept for 100 years.
Then (I know, lots of 'thens') the requirement to record in the Gazette was removed and as TDA said, only the Register of Insolvencies kept the record of your Trust Deed until one year after the Trustee is discharged.
Because your Trust Deed is new, it would not have been recorded in The Gazette - only the ROI (Register of Insolvencies).
So, someone will have told you it goes into The Gazette and TDA is confirming that it would not have gone into the paper / gone into the Gazette records.
I know about the Gazette since I was one of the people captured in their 100 year records before it was no longer required to record Trust Deeds there :-(. Without going to Scottish Parliament, there seems no way to have it removed - I lost the will to fight it.
TDA can answer the question about Creditors and a new Trustee.
To me, it seems as if you are perhaps worrying unnecessarily - although understandable given the emotional significance of taking out a Trust Deed.
I hope it all runs smoothly for you.
Hi haggishumper.
There would be no requirement for creditors to approve the trust deed again.
It would be the same trust deed, albeit managed by a different trustee. It's already approved.
I'm not sure there's anything you need to worry about here but understand why you'd want to be sure.
thats great news about my name and sorry about yous firwalker
yes i'm a worrier you se i like my trustee though i didn't meet him but i have seen his picture - just that you fell secure with somebdy you know
what if they told me I was gettinga new one and i didn't like him - could i get to pick one
i know this sound trivyl but i do worry
thanks agian
Unfortunately the choice of trustee would be out of your hands haggishumper.
Many firms have more than one insolvency practitioner though, in which case the most likely outcome is a case transfer to a new trustee within the same firm.
thanks - well its got a good name and is quite big i think a nice big office anyways so all thier staff will be good i guess
just so log as they told me
and thanks agian