The trustee??

buttons888

I have been given the impression that after your BR the OR will assign you a trustee to assess your assets and distribute among creditors. Surely im wrong in thinking that someone literally comes round your house with a clipboard and looks at what you've got and puts a price on it and decides whether you get to keep it or not? How else will they know what you have? Are they just relying on you being honest and telling them on a form?

thanks

peachyprice

A trustee is only appointed if you have large assets, i.e a house with lots of equity, expensive cars, antique collections, business assets etc. Even then they're only interested in those assets, not your everyday household stuff.

The majority of BR's do not get appointed to a trustee.

Pammybun

We have got a trustee who came along sat at the dining room table and ignored everything around her. We could have had a couple of ming vases and she wouldn't have cared.

We were all set to have to negotiate with wat we could and couldn't keep but she never asked anything at all about household things - on the form we had to list any jewellery above £1500 (I should be so lucky) and we also listed the main items in the house but they were not bothered.

The dining suite she sat at (now sold to pay removal costs etc) was actually worth about £3000 (we only got about £1k when we auctioned it ourselves). We used the money for the deposit on our rental and our move (which we did ourselves in case anyone thinks we frittered our money).

Basically I got the impression that it ws too much effort for them to go about and value stuff and then sell it.

Pam

coolcait

Hiya

The word 'trustee' seems to have a slightly different meaning in English bankruptcies compared to Scottish ones.

In Scotland, all bankruptcies are run by a trustee. And all trustees are appointed at the time the bankruptcy is awarded (though it is possible for creditors, or the trustee, to apply to the court to have the trustee changed).

Sometimes the trustee is the Accountant in Bankruptcy which (I guess) would be the OR equivalent, as it's a government agency. And some of those cases get managed by an agent of the AiB.

Sometimes the trustee is an independent insolvency practitioner. I'm not sure how that compares with the English 'trustees'.

All I know/believe is that the fees charged by the independent trustees are usually a lot higher than the AiB or agent's fees. Again, I don't know how that compares with the English system.

Under the Scottish system there is a requirement for an independent trustee or AiB agent to visit your home or place of business to interview you. My understanding - gained from this board - is that it works differently in England.

JCS1

For England & Wales - the OR is Receiver and Manager when the BR order is made. If they are insufficient assets to warrant the appointment of an IP as trustee (usually £10k or anything unusual) then a notice of no meeting of creditors is issued and upon that notice the OR becomes Trustee.

If a meeting of creditors called, than an IP will be appointed Trustee either by majority creditor nominating or by vote.