Bankruptcy & Redundancy 4 November 2020 at 4:55PM in Bankruptcy & living with it 5 replies 263 views

Matt911

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.

luvchocolate

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 BR 

Matt911

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 BR 

Thanks for the swift reply, I just done a little research and realised myself that discharge was 12 usually 12 months later if you are cooperative aha, so I would say i am probably around 9 months away from discharge.

flipflopflo

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

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.

Matt911

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.

That’s awfully depressing