Someone I know who was decared bankrupt just over a year ago, has just received a large tax rebate. Is this money his to spend? If not when or who does it have to be paid to?
Not sure whether he will have to pay this across or not. Hopefully one of the experts will be able to assist.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Before we jump to conclusions, it could be that the OP is asking on behalf of this person.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I've asked questions before about a person being in an IVA receiving an inheritance which wasn't declare, that was none of my business really but I wanted views on it.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
The answer is that it would be classed as an after acquired asset and would be part of the bankruptcy estate if the bankrupt has not been discharged.
If the bankrupt has been discharged then it may be difficult to recover the funds in reality, although it could be argued that if the rebate is for a period prior to the making of the bankruptcy order then it should be an asset in the bankruptcy estate.
Regards.
Last edited by size5 on Wed Dec 28, 2011 2:46 pm, edited 1 time in total.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
