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T O P I C R E V I E W
cathp
Posted - 16 August 2008 : 19:10:35 I hadn't thought of this until now, but I am part of a scheme initiated by our council for payment of Carers. Instead of the usual "home Help" provided, we set up a bank account...solely for this purpose...and the Council make payments into this to enable us to employ help.(our money does not ever become involved in this account and the relevant accounts are kept by us for the council auditors)
This means that out of this account we pay our employee, an accountant who provides payslips and takes care of paye etc.
What will happen when we file for bankruptcy? This account cannot be classed as an asset surely? If it is how do we go about doing what we need to to before going bankrupt without it being seen as bad?
I hope that I have explained this correctly :(
Cath....again !lol.
4 L A T E S T R E P L I E S (Newest First)
cathp
Posted - 18 August 2008 : 22:34:48 That's makes a lot of sense John, we'll definately be following your advice on this one!!
I think I've got you working flat out tonight...my hero!!
Cath
John
Posted - 18 August 2008 : 22:09:17 Hi I am sure having given your explanation to the OR together with some supportive evidence supplied by both the council and your accountant the OR would see that he should have no interest in the account.
However the decision to freeze this and any account in either your or your husband's name is the decision of the bank not the OR.
So to avoid such a problem whereby funds are frozen I would make alternative arrangements before BR particularly if the account is held at a bank that happens to be one of your creditors.
The account is in my husbands name and he is the only signatory, but as some of the debts concerned in the bankruptcy will be in his name we have been told that we both have to become BR.
John
Posted - 16 August 2008 : 20:17:05 Hi could you tell me if the account is in your name or if you are a signatory?
