1 reply, 2 voices Last updated by  Scottish Adviser 5 months, 2 weeks ago
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  • #4609 Reply

    dave follmers
    Participant
    @davefollmers

    Hello all,

    I completed my trust deed in January and received my form 5 a few months after but my trustee hasn’t been discharged what does this mean I am thinking of selling my house and down sizing so there would be equity would this still be required to go to my trust deed and also what would happen if I came into some inheritance money? I does say on the form that I don’t need to make any further contributions but I’m a bit confused?

    Thank you

    #4950 Reply

    Scottish Adviser
    Keymaster
    @Scottish Adviser

    First I apologise for the delay in responding, but the Forum was not being monitored as other parts of the site were being developed, and your question was overlooked.

    Form 5 is copied to you when your trustee sends it to the Accountant in Bankruptcy to apply for your discharge.

    So congratualtions. However, your discharge is not effective until it is registered on the Register of Personal Insolvencies (you can check this here: https://www.aib.gov.uk/debt/register-insolvencies). Once it is registered, you are discharged of your personal liability to repay any of your debts, which you are not excluded from receiving a discharge from.

    However, as you note your trustee is still in office. This is normal, as although you are discharged, your debts still exist an your trustee must continue to wind up your estate, which may include dealing with your home.

    I, would, therefore, confirm with the trustee that his interest in your home has been discharged before you take any further action. Once he has discharged your home you should be okay to move on with your life, but speak with your trustee first.

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