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Bankruptcy & Redundancy

Matt911
Posts: 3 Newbie

Evening all.
I am hoping to get some advice, I have searched around the internet quite a lot and cannot quite find the straight answer that I am looking for, I noticed there are some threads here with similar titles but again I cannot find the answer I am looking for.
I am currently declared bankrupt, and still a good 30 months away from my discharge.
I am possibly being made redundant next week, I am wanting to know whether I have to pay my (very small) redundancy package to the official receiver or if I will be able to keep the money to live off of to pay things such as rent, car tax/insurance, food etc.
The person dealing with my case is incredibly hard to get a hold of so that is why I am posting here trying to find an answer, I did find section "31.5.34 Redundancy payments – an after acquired asset" of an insolvency manual type thing, but it seems to be worded in some sort of legal way that is really over my my head and I don't understand.
Thanks in advance for any answers.
I am hoping to get some advice, I have searched around the internet quite a lot and cannot quite find the straight answer that I am looking for, I noticed there are some threads here with similar titles but again I cannot find the answer I am looking for.
I am currently declared bankrupt, and still a good 30 months away from my discharge.
I am possibly being made redundant next week, I am wanting to know whether I have to pay my (very small) redundancy package to the official receiver or if I will be able to keep the money to live off of to pay things such as rent, car tax/insurance, food etc.
The person dealing with my case is incredibly hard to get a hold of so that is why I am posting here trying to find an answer, I did find section "31.5.34 Redundancy payments – an after acquired asset" of an insolvency manual type thing, but it seems to be worded in some sort of legal way that is really over my my head and I don't understand.
Thanks in advance for any answers.
0
Comments
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Hi..when did you declare BR? Your post said you are 30 months away from discharge..was this a typing error as discharge occurs 12 months from BR0
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luvchocolate said:Hi..when did you declare BR? Your post said you are 30 months away from discharge..was this a typing error as discharge occurs 12 months from BR0
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My reading of the legislation is the OR will take the whole lot as after aquired property. Hopefully @fatbelly or @sourcrates will be able to advise.1
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Yes, 31.5.34 Redundancy payments – an after acquired asset is from the Technical Manual.
Redundancy Payments are Property and that goes to the OR.2 -
flipflopflo said:My reading of the legislation is the OR will take the whole lot as after aquired property. Hopefully @fatbelly or @sourcrates will be able to advise.fatbelly said:Yes, 31.5.34 Redundancy payments – an after acquired asset is from the Technical Manual.
Redundancy Payments are Property and that goes to the OR.0
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