| T O P I C R E V I E W |
| sleeplessnights |
Posted - 01 February 2009 : 04:24:41
Morning all,
My partner finds out on Tuesday whether redundancies are happening.
If she gets statutory redundancy for the 8 years she has worked of around £2640 what will the OR do. Obviously we have to notify the OR but we are wondering what happens to the redundancy amount.
Cheers
Matt |
| 14 L A T E S T R E P L I E S (Newest First) |
| Reviva UK |
Posted - 03 February 2009 : 18:40:49
Hi
in Br the windfall element applies at the moment you would become the beneficiary not when you actually receive the funds.
For example you were discharged from Br today and were unaware that a relative had left you money on their death last week you would still need to declare this, even if you didn't receive the funds until next year.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
Real People ..... Real Debt Solutions
www.revivauk.com |
| sott1967 |
Posted - 03 February 2009 : 18:39:49
Sorry i know this is digressing somewhat but what happens to money received from a personal injury claim when bankrupt doe anyone know ?
Thanks
Scott |
| sleeplessnights |
Posted - 03 February 2009 : 18:21:09
LOL
Because of the sprinkling of snow in the south, the anouncement has been delayed until tomorrow 1500 hrs.
Would you believe it
|
| go_4_broke |
Posted - 02 February 2009 : 11:35:47
Further to my previous post Skip and John are certainly asking the right questions.
The area I would be looking at is exactly when does the money become 'due', and does the employer have some discretion over this?
The important point is that some 'thinking outside the box' may be required.
However as Paul points out this may not even be necessary, as the OR generally has a lot more flexibility than the supervisor of an IVA.
Best Regards
|
| Reviva UK |
Posted - 01 February 2009 : 22:19:36
Certainly if in an IVA then a redundancy payment - if I remember reading one of Melanie's posts correctly - should be identified to the IP and the money used to continue with normal living expenses and IVA payments.
If the lump sum is sufficiently large enough then it may be possible to conclude an IVA early.
However I suspect that the redundancy payout of this level would certainly not impact an IPA and the OR may decide that because of the economic climate that they will class the payout as normal income and allow you to retain it.
Clearly if you found a job relatively quickly and had funds left then the OR would expect to benefit from this.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
Real People ..... Real Debt Solutions
www.revivauk.com |
| Skippy |
Posted - 01 February 2009 : 16:09:39
IVA.co.uk offers advice on all options, not just IVAs. Melanie Giles is a licensed insolvency practitioner and is therefore more than qualified to offer advice on bankruptcy issues.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
20 IPA payments made, 16 to go - on the home straight! |
| John |
Posted - 01 February 2009 : 15:43:05
Hi
I would suggest to anyone that wants to check any insolvency issue that they google the 1986 insolvency act and search through there or phone the insolvency helpline.
An IVA forum, with respect, is not a good choice on this particular issue. |
| jim_h |
Posted - 01 February 2009 : 14:53:33
i think we need to clarify the redundancy payment it is supposed to be used instead of income until you get a job check on iva forum with Melanie Giles iva prationar |
| Crockett |
Posted - 01 February 2009 : 13:48:40
Hi,
As soon as she knows for definite she should phone jobcentreplus the telephone number is on their website www.jobcentreplus.gov.uk and they will advise what she can claim. Based on the fact that you have said you work full time, and presuming she is fit and able for work she will probably be advised she can put in a claim for Jobseekers Allowance contribution based. This is non-means tested and payable for six months and is based on having paid enough national insurance contributions over the previous two tax years. You should phone as soon as you know though as the claim will only go from the date you contact to put in a claim. With JSA she will have to be actively seeking and available for full time work and will have to sign on once a fortnight. Her stamp will be paid for hee whilst claiming.
Hope this helps, Crockett |
| sleeplessnights |
Posted - 01 February 2009 : 12:53:21
thanks all,
We have never been out of work and I am still in full time employement.
What benefits could she claim ?
Cheers
Matt
|
| Skippy |
Posted - 01 February 2009 : 12:37:23
Surely paying the money into a pension could be construed as hiding money from the OR?
If the payment is deferred until after discharge then surely it still belongs to the OR as the person became entitled to the money whilst still BR? If someone becomes entitled to an inheritance whilst BR but doesn't receive it until after discharge it's still part of the estate...
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
20 IPA payments made, 16 to go - on the home straight! |
| John |
Posted - 01 February 2009 : 12:19:35
Hi g4b
interesting point but how would that affect the section 3 asset question regarding money owed to the petitioner?
(If pre BR)
And co-operation during. |
| go_4_broke |
Posted - 01 February 2009 : 11:26:51
Personally I would be looking to see if the company could defer the payment till after discharge, or pay it into a pension scheme.
Something along those lines anyway.
Best of Luck ! |
| John |
Posted - 01 February 2009 : 10:18:55
Hi
technically the OR cannot claim the redundancy payment for the purpose of an IPA payment as redundancy is not deemed as income.
Unfortunately it is still an asset.
When you notify the OR that a redundancy payment is pending he would normally contact either the employer, if the payment is coming from them, or the relative government body if it is a statutory payment, and arrange for the payment to be made directly to your estate which vests in the OR.
Then you would go through the usual steps when having lost your job regarding benefit claims etc as if you had not received a redundancy payment. |
