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  • FIRST POST
    • micktheknife
    • By micktheknife 15th Sep 19, 7:24 PM
    • 6Posts
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    micktheknife
    Pension income post sequestration in Scotland
    • #1
    • 15th Sep 19, 7:24 PM
    Pension income post sequestration in Scotland 15th Sep 19 at 7:24 PM
    Circumstances:
    I was forced, due to requiring a lung transplant, to retire from the business I owned with two other guys almost 3 years ago.
    After I left they ran it into the ground and the company went under in April last year.
    I was sequestrated last November due to having to forfeit on two joint and several personal guarantees and a car lease related to my former business. My two co-signers of the guarantees appear to have little or no assets, despite having claimed otherwise to me at the time of signing.
    To cut a long story short I was hit for claims for £2.6m, however, my only assets are my share of the marital home worth £100k, and my small untaken SIP pension.

    I self-appointed a Trustee/Practitioner in June 2018 and they have handled everything.
    I received my bankruptcy declaration from the Accountant in Bankruptcy (AIB) on November 2018 and have co-operated as far as I can since then – I am now forced to get money from my wife’s pension lump sum to avoid the house being sold out from beneath us.
    She has agreed to pay this on the understanding that the money she pays is in full and final payment of any claim on her and her property.
    So at the end of this process, I will have given the Trustee’s solicitor £85k, and I have no other income except my disablement benefits, my wife pays the day to day expenses and I give her money every 4 weeks as my contribution to the household bills.

    So belatedly, my question is once I have been discharged by the AIB in December, will I be able to take my pension without the Trustee coming after my increased monthly income to force a Debtor Contribution Order? Further to this, I would be allowed to take some of my SIP as a lump sum without it being taken by the trustee?

    Thanks in advance for advice.
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