Unvested Restricted Stock Units that vest during Bankruptcy year

ZeoAeo

Hi, need some help understanding my obligations and potential options/outcomes.

Currently bankrupt and undischarged. As part of my job I receive stock twice a year. These vesting periods will fall within my bankruptcy duration. Each vest is worth £7-9k (£15k total). Currently these are not included in my income as I dont physically have them yet.

I am not on an IPA as my outgoings currently are exceeding my income.

My questions are. Based on bankruptcy, within 21 days of this I need to tell my OR.
1. Will they let me keep some of it at all (extremely unlikely)
2. Will they start up an IPA due to this?
3. Will they take the full amount (once sold for £) with no IPA as my monthly situation is unchanged (apart from the windfull).

The next 2 vests are substantial but after that IF I get anymore it will be very low and likely still keeps me below positive unfortunately. 


Thank you

Minkym00

If you were subject to an IPA then a variation would be agreed to claim the bonus. As not, it would just be claimed from you and you would be expected to pay it over.

Given that your outgoings exceed your income then you should make the argument that, at the very least, you retain an amount that will allow you meet your necessary expenses. If you have a particular problem such as faulty washing machine, then ask for funds for that. They consider reasonable requests.