Hi Peter

S.32 (6)bankruptcy Scotland act.

The trust deed normally has a section whereby you confirm that you convey the same rights and privileges as a trustee under sequestration.

Mark

Thanks Mark., the bit that is cofusing me is the "relevant date" mentioned in the act reading the explanatory notes of the act they say the relevant date means the date of sequestration and when the debtor is discharged.AS this was revised in the 2007 Bankruptcy and Dilligence Act to one year then the same should apply to trust deeds covered under the act

Hi Peter

No because the Trust Deed specifically states 3 years, your discharge is therefore not until 3 years.

Probably grounds to challenge based on your previous posts, however your Trustee could convert the trust deed to a sequestration ( in theory) to protect the position of the creditors.

Mark

Thanks but are they allowed to do that if i satisfy the terms and conditions of the TD.It is the legislation (or the interprtation of) that is flawed

Hi Peter

Sorry for the delay.

In anything legal there are always interpretations. Good, Bad & indifferent.

The very general answer is yes to your question. On the whole, a good IP can can do the job properly without all the grey & fuzzy areas which seem to dog so many cases.

I always moan about getting it in writing, but your circumstances negate that. That said, a decent IP will work with you to solve the issues.

Mark

Thanks Mark.,

The fact my trust deed states i only need to convey to my trustee.,assets acquired one year after signing it could be very important if i decide to challenge the trustees decision to pursue claims for mis._selling of Payment Protection Insurance.
Why should i pay out of my monthly contrributins a fee to a third party to investigate if I've been mis._sold PPI when i could go to a no win no fee lawyer.,

Hi Peter

I was unaware it was PPI.

This does not constitue acquirenda in the normal sense. It's a contingent asset which existed at the time/date of signing and would therefore be considered an contingent asset which would vest in your trustee.

Mark

Thanks

Well thats that door shut but the assets I'm about to acquire in the next six months or so is compensation for personal injury.,where do i stand lwgally on that

Hi peter.

Mark, Kevin or Julie will be best-placed to answer on this subject. However, I suspect they will want to know what exactly the personal injury claim payment is to cover.

For example, is an element of it to cover additional costs (perhaps medical for example) that you will experience going forwards as a result of the incident that led to the claim?

Thanks

It was for aroad accident

Thanks Peter.

Personal injury cases tend to pay out amounts that cover different things.

For example some of the payment could be straight compensation for the pain caused. Other examples include the cost of covering ongoing medical expenses due to the accident (for example you'd need to see a physio regularly), or replacing income that you lost as a result of being unable to work after the accident.

When this question has arisen in the past here the actual purpose of each element of any payout has been relevant.

Thanks

It is split between pain/suffering etc and
loss of earnimgs

Hi Peter

I suspect the same rules apply as the PPI.

If the accident was prior to or in the 1st year, then the Trustee had the right to raise the action or sist himself in your action.

Mark

Thanls Mark

It happened 15 months after i sigmed the trust deed
Do i need to let the trustee know