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Scottish Trust Deed Forum
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Topic starter
17/10/2013 3:04 pm
As the title says. My TD was advertised in the Gazette on the 20th Sep and 5 weeks from then is 25th Oct. Would this be correct? I spoke to someone at the company I am using wih regards to creditors still calling me and her said that this was end of the 3rd week and should be a couple of weeks to be protected and be on AIB. I am confused.
17/10/2013 4:02 pm
Your calulations are right, Mercy2604 - the 5-week period would be up on 25th October if the Gazette notice was on 20th September. Notification would then be sent to the AIB and protection isn't formally in place until they update the Register of Insolvencies as such.
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17/10/2013 4:30 pm
Hi Mercy2604,
As Kevin has pointed out, your calculations are spot on.
The Trustee is required to submit the protection paperwork as soon as reasonably practicable at the end of the 5 week period to have the Trust Deed protected. As the 25th is a Friday, the likelihood is that the paperwork will be sent to the AIB week commencing 28th October and by the end of the following week (4th November) your Trust Deed should appear on the register of insolvencies and be protected.
I'm sure there won't be any problems. I can't remember a case where a creditor has been able to take legal action in the period of the Trust Deed being unprotected. You should be fine if this is what your worried about.
Let us know when you receive the phone call from your relationship manager confirming your Trust Deed has been protected.
David is not currently posting in the Trust-Deed.co.uk forum
Topic starter
17/10/2013 7:29 pm
Thank you for confirming that, I thought I was right. I was panicking a wee bit. I will let you know (fingers crossed)when I get that call 🙂
17/10/2013 9:21 pm
It's only natural to be a little nervous and worried Mercy2604. This time next week you'll nearly be there and in two weeks you should be in a protected Trust Deed and on your way to being debt free.
David is not currently posting in the Trust-Deed.co.uk forum
18/10/2013 11:23 am
An interesting point on the submission of documents for a Trust Deed to be registered as protected. Regulation 10 states that the documents should be sent 'as soon as reasonably practical after the end of the period of 5 weeks'. However I have confirmation in writing from the AIB that this requires to be read in conjunction with the AIB's Notes for Guidance which states that they need to be send 'no later than 4 weeks after the expiry of the relevant period' and they will not register protection if after this 4 week period.
It seems guidance notes currently superceed legislation, although interestingly the new regulations now state the 4 week period!
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
