A trustee in bankruptcy is the agent appointed to manage an individual’s bankruptcy – this may be the Official Receiver to begin with, but can also be a licensed insolvency practitioner.
The trustee in bankruptcy will oversee the process – including advising on items and assets that will be sold to repay debts.
This may include property and any items of sufficient value to pay off the monies owed to creditors.
Usually a person who is bankrupt is able to keep certain items such as clothing or tools or items needed for their profession.
Bank cards and other items surrendered under bankruptcy will be given to the official receiver – and the trustee will oversee access to money for essentials, such as food.
The trustee will also be in charge of dealing with any joint monies if the bankrupt individual has a partner.
The trustee in bankruptcy can also have more far-reaching powers, such as investigating powers – and can apply to the court to seize any property or items that might be considered bankruptcy assets. The trustee can also apply to the court to have a bankrupt individual arrested.
It is possible to challenge the actions of a trustee in bankruptcy – or complain about them to their regulatory body if it is possible or evident that the trustee is not complying with insolvency law.
Duncan Lewis can advise on a bankrupt individual’s rights under insolvency law – as well as advising bankrupt individuals facing charges relating to a bankruptcy offence, such as concealing assets or failing to comply with the decisions of the trustee in bankruptcy.
Because of the restrictions imposed by bankruptcy and the possible implications for future employment and finances, it is important to take legal advice from Duncan Lewis debt management solicitors when considering bankruptcy as a debt solution.
The Duncan Lewis debt management team can advise on defending bankruptcy and preserving the family home – as well as the annulment of bankruptcy orders.
A trustee in bankruptcy will charge fees for their services and if these seem unreasonable, it may be possible to challenge them. The Insolvency (Amendment) Rules 2010 state that a trustee in bankruptcy’s remuneration must also be appropriate “to the work for which remuneration is sought”, taking into account factors such as the complexity of the case.
Duncan Lewis has proven expertise in challenging a trustee in bankruptcy’s remuneration, in cases where fee levels may seem disproportionate to the work carried out on the estate.
For expert legal advice on debt solutions and Trustee in Bankruptcy issues, call Duncan Lewis Debt Management Solicitors on 0333 772 0409.
Clients who receive a statutory demand and are unable to pay the debt or wish to challenge the statutory demand are advised to contact Duncan Lewis debt management solicitors as soon as possible.
For expert legal advice on statutory demands and debt solutions, call Duncan Lewis Debt Management Solicitors on 0333 772 0409.