Hi ibmstyle

No, there's no such rule. It would be for the trustee to structure a proposal to put to creditors and is unlikely to invce the sale of stock if this is the source of ongoing income.

Mark

Hi mark thnx for your reply.in case of self employed(shop) you have different earnings each month,sometimes less sometimes a bit more so what proof you need to provide for earning to start trust deed because there are no payslips in this case and also you get the money in cash,not in your bank

The easiest way is to try & try & average it over a 12 month period to take account of good and bad months. That way what you have on a good month can be used to assist in a bad one. Same as plumbers, sparks etc.

Mark

So do I need to provide my accounts from accountant or do it myself

Accounts would be ideal if available. If not you could provide these based on your turnover/expenses.

Mark

Hi ibmstyle

Your chosen trustee would need to be able to show in the proposals that it is in creditors interests to allow you to retain your stock and carry on trading - ie the contributions you would be able to make into the trust deed from being allowed to trade on would need to add up to more than the likely value of the assets if the business was broken up and assets sold off.

Hi Kevin thanks for your reply.i am thinking of starting it with your company.i would like to come to your office and discuss everything but right now I am a bit busy so will be free after 10th August

Hi ibmstyle. Of course I'd be happy to help - just click on the Contact Kevin button below and we can get some details from you whenever suits you and organise a meeting.

Ok thanks will do