trust deed

Money_Dragon_2

when can application for a trust deed be refused?

Charco_2

WHEN? (time)
During the five week window between your TD being advertised in the Gazette and it becoming protected. Your TD will be sent to your creditors and advertised in the gazzette... your creditors then have five weeks in which to notify their objections to the TD.

WHEN? (under what circumstances)
- If your creditors do not feel that it is a the best option available to them then they may reject. If more than 33% of your creditors object then your TD will not become protected.

coolcait

Hiya moneydragon

Like Charco says - your creditors have five weeks to object to your TD from the date it's advertised in the Edinburgh Gazette.

If your Trustee doesn't receive sufficient level of objection, then he or she will send the paperwork to the Accountant in Bankruptcy. Once the AiB register your TD on the Register of Insolvencies, it becomes protected.

Your TD won't become protected if the majority of your creditors object, or if creditors who have more than one third of your total debt object to it. So, it is technically possible for an objection from just one creditor to stymie things - if you owe them more than one third of your total debt. However, your IP should already have picked up on this if it's likely to be a factor in your case, and explained it to you.

I hope things work out for you.