Bankruptcy and Shares

Morfx

Hi,
Can anybody offer any clarification?
I'm thinking of filling for bankruptcy or an IVA..

Now, I have been paying into a buy as you earn shares scheme at work.. I have been paying £100 monthly for the last 30 odd months and won't physically own the shares until September.

I have no access to the money or shares..

What would happen to this if I filed for bankruptcy?

foxy-stoat

If you went bankrupt then EVERYTHING you own would be an asset of the Official Receiver. If you went IVA then this would also have to be declared and I am share the Insolvency Practitioner would also deem it an asset of the IVA.

Minkym00

Can the money be taken out of the scheme or is it locked in?

Brock_and_Roll

Unless the 3k or so would make a difference to whether or not you need to go bankrupt, I guess it does not really matter.

The money/rights will become an asset of the Receiver and it will be up to them to enquire of your employers as to the specific scheme rules.

I have been in a fair few schemes like this over the years and they are all different (not least as tax rules have evolved) ad they are specific rules about what happens if you leave, drop dead etc