will Trustee order Sequestration?

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Sean.in

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Post by Sean.in » Mon Sep 20, 2010 7:54 pm
I am currently in a PTD and received a bonus windfall that I have spent before notifying my Trustee as it paid for my daughters wedding that had been planned and deposit paid long before the PTD was set up. What is likely to happen to me now, will Trustee order Sequestration?
 
 

MelanieGiles

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Post by MelanieGiles » Mon Sep 20, 2010 10:40 pm
Hi there and welcome to the forum

That's a breach of your Trust Deed which may well lead to sequestration. Did you tell your Trustee about the payment, or seek any other form of advice?
Regards, Melanie Giles, Insolvency Practitioner
 
 

plasticdaft

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Post by plasticdaft » Tue Sep 21, 2010 8:35 am
Depending on the size of the windfall,you may find that creditors accept an extension to the PTD to allow the amount of the windfall to be recouped into the trust deed pot. You Trustee alone can answer your question,but you should at all times remember the delicate position you are in during a PTD.

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
 
 

Sean.in

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Post by Sean.in » Tue Sep 21, 2010 10:11 am
MelanieGiles wrote:

Hi there and welcome to the forum

That's a breach of your Trust Deed which may well lead to sequestration. Did you tell your Trustee about the payment, or seek any other form of advice?
 
 

Sean.in

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Post by Sean.in » Tue Sep 21, 2010 10:14 am
Melanie,

I have just recieved my 6 month status update request and was in process of sending email to my Trustee to let them know in advance as quickly as possibel (given the windfall (£21k)came at end August and is all bar £500 is gone.
 
 

liamjames

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Post by liamjames » Tue Sep 21, 2010 11:32 am
Hi Sean- you will certainly need to talk to your IP, as this is a serious breach.
Take care,

Liam James
Varden Nuttall
http://www.vardennuttall.co.uk

Read our reviews here: http://www.iva.com/iva_companies/Varden_Nuttall.asp
 
 

rayb

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Post by rayb » Tue Sep 21, 2010 11:57 am
Especially considering you had £21,000!!!
 
 

MelanieGiles

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Post by MelanieGiles » Tue Sep 21, 2010 11:13 pm
I am afraid that this is very likely to result in sequestration, given the circumstances you describe.
Regards, Melanie Giles, Insolvency Practitioner
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