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Scottish Trust Deed Forum
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Topic starter
18/11/2009 11:22 am
i am on the verge of going into sequestration is it true if i go into
sequestration they can arrest my bank account and take all the money from my account
18/11/2009 12:27 pm
Hi johnpaton
When you say 'they', who do you mean?
Best advice is to open an account with a bank who are not amongst your creditors. If this is a normal working account (wages in - payments out) then you should be fine.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
18/11/2009 1:26 pm
It is up to the trustee in your sequestration whether any funds you hold at the date of sequestration have to be paid to them. If the funds are merely your monthly wage and are required to meet your living costs then there should be no problem.
Some banks do automatically freeze accounts until they get the green light from the trustee that they are happy for the funds to be available to the account holder. This can be sorted out very quickly normally.
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