Protected Trust Deeds

 

A Trust Deed is simply a legal  arrangement between you and your creditors with an independent Trustee appointed to ensure that the terms of the Trust Deed are adhered to.

The purpose of the Protected Trust Deed is to ensure that a fair compromise is reached between you and your creditors that is binding on all.   Essentially what happens is that you propose a financial arrangement with your creditors and they have the opportunity to object to your proposals.

The majority of Protected Trust Deeds will involve you making a payment from your income for a period of three years and may involve some of your assets being sold.   This money is then used to pay for the costs of administering the Trust Deed and a dividend to creditors and any remaining debt is then written off.

You should be aware that any house or commercial property owned by you could be affected and a Trust Deed may affect any other assets that you have. 

There will be certain situations where a Trust Deed is not appropriate or creditors object to same and you will be advised by us as to other options open to you.

As a Protected Trust Deed is tailored to your individual circumstances, it is essential that you speak with an appropriately experienced advisor prior to taking matters any further.  We are happy to offer a free consultation or alternatively you make wish to download further information from the Accountant in Bankruptcy's website before contacting us.  We also have further information available by clicking here.

Please bear in mind that no reputable organisation will charge you for information on Trust Deeds nor should they charge any fees prior to you entering a Trust Deed.