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Scottish Trust Deed Forum
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Topic starter
13/04/2012 9:09 am
I am trying to make a third party contribution for a Trust Deed but the firm concerned say that they will not be able to return my contribution if the Trust Deed proposals are not accepted and will use it if the next stage is sequestration (which is what I am seeking to avoid). Is there any way that the money could be paid over once the Trust Deed has been approved?
13/04/2012 10:06 am
I might be missing the obvious-Is it necessary to have a 3rd party pay this before you know if the pTD proposal is accepted?
13/04/2012 10:33 am
Hi lmason256
I think this would be at the discretion of the Trustee, however with or without the protection, the Trustee is immediately liable for a number of expenses once the Trust Deed is signed. It is probably unlikely that they will want to incur these personally.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
13/04/2012 10:47 am
Sorry-I mis read, thought it was a 3rd party equity contribution you referred to.
13/04/2012 4:05 pm
Hi
As long as the Trustee in not 'out of pocket' I dont see why you have to pay it all up front. If your trust deeds fails, you dont have to go into Sequestration if you don't want to - you can go back and try the Debt Arrangement Scheme is you wish. This was not the case previously.
Shona is not currently posting in the Trust-Deed.co.uk forum.
