Bankruptcy

[TheFaQQer]

Sorry to hear it BP. Wrongly ciicked like on your post, it seems to be a clicking wrong buttons morning.

If you like it again, it unlikes the post.

But there's nothing wrong with showing your support with a like, like.

(I've come over all SallyAnne etc.)

[Platypus]

I've come over all SallyAnne

Have you? You naughty boy

However this is a professional forum, please keep details of you love life to yourself

[BrilloPad]

Interestingly, my wife spoke to her uncle the other day. He was told his pension was untouchable - but they got it anyway!

Apparently, you have to be legally seperated for 6 months before assets can be seperate. We have been about 6 months so far.

[LisaContractorUmbrella]

Sorry that you have reached this point BP . This is the background and legal cases for the changes to pensions and bankruptcy as announced in the 2014 Budget http://www.burges-salmon.com/practic..._bankrupts.pdf

[Unix]

Are you sure BN66 will affect you? Why don't you just close your company and start a new one?

[LisaContractorUmbrella]

Are you sure BN66 will affect you? Why don't you just close your company and start a new one?

[ducks]

[BrilloPad]

Sorry that you have reached this point BP . This is the background and legal cases for the changes to pensions and bankruptcy as announced in the 2014 Budget http://www.burges-salmon.com/practic..._bankrupts.pdf

Very useful article - thanks. I am going to try to find out exactly when this guy went bankrupt. Not that it makes much difference - my pension could well be in the firing line.

Are you sure BN66 will affect you? Why don't you just close your company and start a new one?

Was that a joke or serious?

[CKP Insolvency MVLs]

To give an update as to the latest position with pensions and whether they can be included in a bankrupt's estate, the short(?) answer is 'Pending an appeal, HMRC approved schemes are not included at the moment provided you haven't been making excessive contributions'.

The long answer is:

A bankruptcy order given after 29/05/2000 cannot include any approved pension scheme (i.e. HMRC approved per WRPA 1999) as an asset of the bankruptcy estate.
However

• Unapproved pension schemes are included

• Excessive pension contributions can be clawed back for the bankruptcy estate.

• Pending an appeal, it may be that approved pension schemes that are available to be drawn down at the time of bankruptcy will be included in any income payments order/agreement made giving the bankrupt's disposable income to the bankruptcy estate for a maximum period of 3 years from the time that the order was made. It should be noted that currently, the decision in Horton v Henry (which is being appealed, hence the uncertainty) stands and therefore there is no current requirement for available draw downs to be included as part of the bankrupt's estate.

Some useful further reading here:
Family Law Week: Horton v Henry; pensions, bankruptcy and divorce
https://www.gov.uk/government/news/u...-debt-advisors

Every person's situation is different, so I would always recommend that you seek expert advice from an IP/debt advisor as to your circumstances before taking any action relating to the above.

[CoolCat]

It depends how much you are going to earn over the next few years. It's best to get discharged as soon as possible. When my brother went bankrupt he went to be a mature student for a few years until he was discharged.

[BrilloPad]

It depends how much you are going to earn over the next few years. It's best to get discharged as soon as possible. When my brother went bankrupt he went to be a mature student for a few years until he was discharged.

Latest is I have stopped talking to HMRC. And my shrink has written to HMRC asking them to put my case on hold for a year.