Hi Sean81

This is an area where there is no exact answer, this is dependent on a number of factors, so the reply is very very general. Under the Trust Deed, the estate ( your bonus) should be treated the same as in a sequestration and therefore the rights and consequences should/could also mirror this. The Act states:

'(7) The debtor shall immediately notify the trustee of any assets acquired by him on a relevant date or of any other substantial change in his financial circumstances; and, if the debtor fails to comply with this subsection, he shall be guilty of an offence and liable on summary conviction to a fine not exceeding level 5 on the standard scale or to imprisonment for a term not exceeding three months or to both'

The above is extreme and would be exceptional, however the position on the disposal of assets is clear and as mentioned earlier, there are a whole range of circumstances a Trustee would need to look at.

Mark

Hi Sean81

Any form of additional income, whether it be a pay related bonus, overtime, inheritance, redundancy, lottery winnings etc should always be declared to your Trustee. Potentially your Trustee could petition for your sequestration or resign as Trustee. If the Trustee petitions for your sequestration this could result in you having to pay a further 36 contribution payments from the date sequestration is granted.

Julie