Hi Peter

My advice would be yes and gauge his reaction. It is unlikely he will instigate an action on your behalf. However if you have started the process then my advice is still yes.

Do you have a cause for trying to exclude it, yes. Would you win in court? I doubt it.

I assume you are basing any possible action on the current status letter rather than the Trust Deed itself.

Mark

Thanks for the advice,

The driver of the other vehicles insurance have accepted liability and are in the process of settling the claim,

The actual trust deed document which i have a copy ,states i need to convey any assets acquired to the trustee for a period of 12 months after signing the trust deed,as the accident was 15 months after i signed the trust deed and any subsequent compensation would be 30 months after signing the trust deed where do i stand.

Hi Peter

My thoughts on disclosure are the same as my previous post.

I am surprised that the Trust Deed mentions acquirenda as most IP's use the standard format which doesn't.

Mark

Thanks.

I thought this was the normm for trust deeds signed between 01/04/2008 and 15/11/20110.

So basically I'm not legally obliged to notify the trustee.,

Hi Peter

Does your trust deed, within the document itself, mention the need to notify your trustee in the period of 12 months, for assets acquired or are you basing this in legislation?

Mark

The norm being you only nee notify you trustee of any assets acquired one year from signing the trust deed if it falls between the dates 01/04/2008 and 15/11/2010 as per the regulations.

Iit is on the document

Hi Peter

On that basis, you would certainly have an argument.

Mark

I signed my trust deed in that period and mine is notification of any assets for the three years, it seems that some changed and some didn't, I guess you could always contact your trustee and state what's written about the one year and ask if your now required to submit any assets based on this. It seems this is worrying or concerning you so maybe an answer directly from your trustee will help you and it would be nice to know the outcome.

Thanks gemgem.

I know its a bit of a dilema.

But from a legal standpoint i need to know if i am within my legal rights if i fail to notify my trustee.

I'm sure i saw on this forum that a trust deed is alegallybinding document

If you are looking for a legal opinion then I think you might be better speaking to a lawyer, peter, though to my mind if your trust deed says 1 year then 1 year it is.

I would also say that if it say's one year then that should be the case, mine says 3 so i have to stick by that, i cant see why yours would be any different.
if you had no knowledge of the ins and outs of trust deeds then you would follow out and complete what is written in your paperwork, for example when you take out a loan its very rare that you go searching the internet to find out if others are paying back the same amount over the same period, if the paperwork states x amount over x timescale you comply, if your paperwork states handover any assets for 1 year from the date it started then that is what i would do.
Im sure your trustee is aware that they changed the contracts for the period inwhich your trust deed started and i should also imagine that there are a number of others in the same situation with your trust deed company, i would say based on your contract that you are not breaking any of the terms of your trust deed by not declaring this money. Good luck

Hi peter.

Just to confirm Kevin's point, there is no legal opinion being provided to you on this thread. People are trying to provide assistance to you based upon their own knowledge and experience. However, if you want a legal opinion you're going to need to take it directly from a properly qualified individual. That's outside of the scope of this site.

Thanks i am aware this forum does not offer legal opinion, and the advice i have received has been first class, but some of the experts must be able to or have some insight into the following points.
1.Having looked at the 2008 protected trust deed regulations, did the 2007 bankruptcy and dilligence act have a direct impact ,in that bankruptcy changed from 3 years to 1, so some Insolvency Practitioners felt the need to adjust the period of notifying trustees of any assets acquired from 3 years to 1.
2.The 2010 protected trust deed regulations seem to have "softened" the requirement for assets received after signing a trust deed by stating that debtor must "agree"with the trustee to the period of acquirenda (assets acquired)before signing a trust deed.

Thanks.

Peter

I think TDA is correct, if you wish to take this forward, probably best getting legal advice on your thoughts.

No one is able to comment with any degree of certaintly on this as you have provided details of one line in a Trust Deed. An insolvency solicitor would be able to examine the whole picture and hopefully provide you with an answer.

Mark