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Scottish Trust Deed Forum
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Topic starter
08/09/2009 12:42 am
I have a trust deed since last year December. Recently my wife she got some money from his father, now she wanted a open a restaurant overhere. But the problem is she cant speak english and write english so she wants to look after her restaurant by me. So here I have few doubts, if I open a business account under my name and run the business under my name is there any problem? Because of the money is not mine so the business is also not my, I'll be just a operator.I dont want my trust deed will force to my wife to pays to my trustee.
So my question is if I open a business account and run the business under my name and if I dont tell about the business to my trustee, can they find out about the business account and business? Though I am not the owner of the business.
Please help me out. If the answer is negative then please give me some alternative sugession. Because I dont want to take money from my wife to pay my trustee.
Thanks
Sumon
08/09/2009 4:37 pm
If you are running a business in your name then your trustee does have a right to ask for a contribution to your trust deed from any profits. I suppose if you can justify that any profits must be used to repay the capital investment from your wife first then there shouldn't be a problem, but I would urge you to discuss the situation with your trustee beforehand.
Also, would you be giving up a job in order to pursue this enterprise, or is this additional to your current income? This may have a significant bearing on how a trustee would view matters I'd have thought.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
Topic starter
10/09/2009 1:24 am
I will give up my job. But I am going to take salary from the restaurant instead. And my salary will be higher then my current one. In that case I will reassess my income and expenditures.
Because of my case is complicated, and I donÔÇÖt think that my trustee will believe me that the business(restaurant)is not mine. So what should I do?
10/09/2009 12:20 pm
If you are giving up your job to help your wife set up this restaurant then I would urge you to speak to your trustee beforehand. If you explain the situation and can show that the funds are your wife's then I don't see why there should be any problem - especially as you think your salary will be higher.
However, if the reality turns out different and you are earning less then you may be at risk of being made bankrupt instead if you are unable to meet you obligations under the trust deed.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
