The Bankrupt Inn - Part 6

curly04

Morning Loo!

hows it going?

Sunnylooloo

All good hun

bit busy this morning though!! eek

xx

curly04

i know this was a few weeks ago but I kinda forgot
did you ever get the kids back from France?

Sunnylooloo

yep all back safe and sound - they got the ferry and had no problems

xx

curly04

Wish I was stranded someone where hot! miles away from anywhere!

stevemarsh1976

curly04 wrote: »

Wish I was stranded someone where hot! miles away from anywhere!

you and me both, be a welcome change from dealing with insurance day in day out.

curly04

stevemarsh1976 wrote: »

you and me both, be a welcome change from dealing with insurance day in day out.

I work in insurance to - spooky!

Any jobs going? I might be being made redundant soon
and i wont get my payout as the OR will take it all off me :eek:

philnicandamy

hmm damn after aquired assets

31.8.38 Redundancy payments

A redundancy payment represents compensation for loss of a job, rather than loss of earnings. This is easily rationalised when it is considered that the award is made based on fixed rules (particularly, length of service and past salary) regardless of whether or not the redundant person secures alternative employment. The level of the award will be the same even if that alternative employment is immediately secured and obtained at a higher wage.

A redundancy payment received during the period of bankruptcy would, therefore, be considered as after-acquired property (rather than income) and should be claimed by the trustee accordingly, see also Chapter 30, paragraph 30.116.

30.116 Redundancy payments
(Amended March 2010)

The right to receive a redundancy payment that exists at the date of the bankruptcy order, and has not been paid, does not vest in the official receiver, as trustee, as it is personal to the bankrupt. Any redundancy monies paid after the bankruptcy order has been made but before the date of discharge may be claimed as after acquired property and should not be treated as income (see paragraph 30.111). The trustee must make a claim to after acquired property within 42 days of becoming aware of that property. The official receiver must be satisfied that the amount claimed as after acquired property does not include any amount payable in respect of wages which should be regarded as income and be taken into consideration in respect of any IPA/IPO. See Chapter 76, paragraph 76.40 and Chapter 31.8, paragraph 31.8.3.

76.40 Redundancy payment due after Bankruptcy order
A redundancy payment represents compensation for loss of an established job and is not intended to compensate the beneficiary for loss of future income (Wilson v National Coal Board [1981] SLT 67). If a bankrupt has not received the redundancy payment at the date of the bankruptcy order, he should be reminded that he has an obligation to inform his trustee of all property received after the making of the bankruptcy order and that this includes the receipt of any redundancy payment. A redundancy payment should not be treated as income but may be claimed as after acquired property. However, the official receiver must be satisfied that the amount claimed as after acquired property does not include any amount payable in respect of wages which should be regarded as income.
Notes: [s333 of the Insolvency Act 1986]
As you will see from the above it depends on when the award is made as to how the official receiver would deal with it. Ultimately any decision on what to claim will be made by the official receiver/trustee based on all the facts.

Sunnylooloo

That is really harsh - how do they expect you to live?

curly04

Thanks Phil

I have spoken to the RUTL (or who ever they are) and they have confirmed they will leave me with my 4 week notice period payment and any holiday
Any Reduandancy package they will take in full.

When asked if I didn't find a job how was I ment to live - I was quite rudly told - that isn't there problem