Asset after Discharge

SteBrown

Hi,

I would be extremely grateful for some advice. I am currently bankrupt until the 10th of April 2014. I was in a redundancy situation and left my previous employer on the 28th of March 2014 and started a new job but I still have 4 weeks lieu of notice outstanding. I have not received any paperwork in relation to the exact amount although I know roughly. I have made the OR aware of this. What they do not yet know is that I will receive the payment after discharge and it will be received on or around the 28th of April 2014. I have spoken with the OR helpline and they advised I would get to keep some of the payment as it mostly assets and not income. However, after some further research on the web, it appears this is not the case. I would be grateful for any assistance or advice.

Many thanks in advance.

Kind regards,

Steven

longtermplanner

AFAIK it is the date that you last worked for the previous company that matters, not the date that you receive the payment.

Pay in lieu and redundancy pay are treated as assets, any arrears of pay and holiday pay are treated as income.

I would inform the OR when you receive the money what you have been given. the Or then has 42 days in which to claim some or all of it.

SteBrown

Many thanks for the help. The reason I'm confused is because the OR helpline said it was the date I receive the payment regardless of when I was informed of the redundancy??
I will let the OR know when I receive the payment and keep my fingers crossed!!

Thanks again.

longtermplanner

Well it certainly isn't the date you are informed of the redundancy. That could be months before you stop work or receive the money.

Keeping you fingers crossed sounds like your best policy - hope it works for you!

SteBrown

Many thanks again. Doesn't sound to hopeful!!