Hi East (great username by the way)In answer to your question:
1.You would be allowed to retain the use of the car as long as this was required for work or regarded as essential. Under the AIB guidance there would be no interest if this had a value of less than ?ú1,000 You need to ensure however that it is taxed, insured etd.
2.I can't stress how important the next point is My firm operates by carrying out a valuation and obtaining a redemption figure for the mortgage at the commencement of the Deed. This allows for the equity to be calculated at the start. If any equity exists, then this would require to be paid through the Deed period or at the end. On payment, the Trustee's interest would be discharged. This does not involve the sale of the property etc. On proceeding with a Trust Deed ALWAYS have the Insolvency Practitioner confirm his stance on equity before signing. This way you can avoid any unpleasant surprises.
3. There is no court appearance. You only ever go to court if you wish to DEFEND and action. If the sequestration is instigated by you (which it would be) then there is no need
Hope this helps.
Mark

Hi Mark
Thanks for that. I called the IP's office and he seemed reluctant to put anything in writing as you suggested. He advised that the position re the car and house would be clarified after the papers were signed. Feeling a bit nervous, should I be worried?

Hi there East Simply put, Yes. The basis of a Trust Deed is to provide a solution with a start and end date and have no surprises in between. If the position is not clarified at the start, then there leaves an element of doubt over how things are handled at the end. We all work under the same law, however it is amazing how interpretation can vary.

Unfortunately I have seen too many proposal agreed verbally at the start and altered mid way through or at the end. I would always take the belts and braces approach especially where the house is concerned. Remember it is a competitive market and you can always try another IP.
Mark