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Scottish Trust Deed Forum
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Topic starter
13/04/2010 10:25 pm
Hi
I was wondering do both bankruptcy and lila take payments from income for 3 years or is it only bankruptcy.
13/04/2010 10:42 pm
The Accountant in Bankruptcy assess a LILA in the same way they assess a Bankruptcy, and therefore yes there is a possibility that even though it has gone through as a LILA you may be expected to pay a contribution.
If an IPA is established it will run for 3 years rather than the 1 year for non IPA/IPO Bankruptcies.
Insolvencyboy
13/04/2010 11:45 pm
Hello james_ham and welcome to the forum.
As previously mentioned by insolvencyboy the situation is basically the same for bankruptcy and LILA.
If you can afford to make a contribution you will be expected to do so for three years.
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