Hi Mastyk.

Once you are discharged (ie have received your Form 5) and it has been registered on the Register of Insolvencies then you have no further obligations to the Trust Deed, including in relation to your property. It is for this reason that one of the required actions that a Trustee must do prior to sending out the Form 5 is to formally lift the Inhibition against your property that will have been registered when the Trust Deed was signed.

There is nothing further to receive from your creditors. They should amend their reports to the Credit Reference Agencies to show that you no longer owe them anything, though in reality this can sometimes take a bit longer.

Hi Kevin,

Thanks so much for your detailed reply. Is there a way that I can check the Register of Insolvencies?

Hi,

I checked the Register: This is the details shown:

Trust Deed Signed Date
14/11/2016

Date of registration as a protected trust deed
29/12/2016

Date when statement of realisation and distribution received
Trustee Discharge Date
Debtor Discharge Date
02/03/2022

Date of registration of order that non-acceding creditor is not bound by trustee’s discharge
Centre Of Main Interests
Main Territorial Proceedings
Location of other insolvency proceedings
Nature of other insolvency proceedings
Exclusion Of Family Home
False

What does this mean? There isn't a Trustee Discharge Date Recorded, only a Debtor Discharge Date. It also states Exclusion of Family Home - False.

Hi Mastyk,

Your trustee will be discharged from the trust deed some time after you. They have work to do before they can complete their duties and discharge themselves.

The "Debtor Discharge" date is the imnportant factor as far as you're concerned.

The "Exclusion of Family Home - False" quote isn't an issue here. This will be the case for almost all homeowners who enter a trust deed.

A question for Kevin when he next visits the forum...

We have heard from a couple of people (years ago though) who tried to sell their home before their trustee had been discharged (but after they had been discharged).

In these cases I recollect that the trustee intervened and suggested the released funds might still be due to them. However, I believed they backed down in the end but only after the forum posters concerned had been through a lot of worry.

Would it be worthwhile to get some written confirmation from the trustee that they'd have no interest in the proceeds from a house sale before pressing ahead?

Yes, it may well help avoid any issues if the trustee is made aware beforehand of the plan to sell and I'm sure it would be one less thing to worry about if they have provided something in writing to say they have no interest in the potential proceeds. It shouldn't be necessary, but I guess when it comes to property transactions you want to avoid any potential hold-ups that might put off a buyer.

Thank You. I've written to the Trustee to ask that they provide a short statement advising they have no interest in the proceeds of the sale. Fongers crossed they get back to me.