At the end of a sequestration case, the asset of £64,000.00  most of this has been used up in Trustees costs an solicitors fees, leaving £5,000 to pay the original creditors what should have been the amount of £17,286.44, we have been asked to be Audit Commissioner for the accounts but we don't know any accountants to get advice, I think people should be made aware of how bad debt can get with the money worries people have at the moment.
Eviction from the family home, the sale of the home to realize the £64,000 asset , but the creditors will still not recover their losses. This cant be right.


  • luvchocolate
    luvchocolate Forumite Posts: 3,216
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    Trustees costs are very high when an asset is realised. 
    I had no assets so my Trustees did a lot of work with absolutely no return. 
  • Minkym00
    Minkym00 Forumite Posts: 765
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    I’m more surprise there was anything left over for creditors at all. Some trustees can charge £500 an hour. It soon adds up. 
  • ellgren
    ellgren Forumite Posts: 4
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    It is the creditors that approve the Trustee's fees and the order of payment in insolvency proceedings means that the expenses (such as the Trustee fees) are paid before any amount is paid as a dividend to the unsecured creditors. Unfortunately, this is a case in which there were, it appears sufficient assets of value to pay the creditors in full and for there to have been money left over to go back to you. That however typically only works if you sell the asset ie. here it is the house, before you go bankrupt. It is a shame it did not happen this way because you could conceivably have had as I understand matters a considerable sum left for you.
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