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| indy2005 |
Posted - 06 March 2009 : 01:40:30
Hi,
Could someone explain the 3 year rule? I am getting 3K in shares in April as a bonus, but they will be held in trust by my employer through a third party for 3 years. I am getting them in April, and I am discharged in May. I have been informed I dont have to declare them due to some 3 year rule, but in 3 years from receipt of shares (April 2012), I will be within 3 years of discharge (May 2012)..
Could someone explain the rule?
Thanks
i |
| 3 L A T E S T R E P L I E S (Newest First) |
| indy2005 |
Posted - 07 March 2009 : 00:15:02
I should add, that I got the impression this is a common occurence in my company...and he had been asked the question a thousand times before....would love to discuss. |
| indy2005 |
Posted - 07 March 2009 : 00:12:26
Hi thanks,
I plucked up courage and spoke to the company who manages the shares and they said that they are not mine until 3 years has expired and I take them out of trust, and sell them. The OR has to abide by the rules of the scheme but so far hasnt been in touch with them. i.e the OR cant take them before the 3 years is up.
How soon after I receive them do I have to declare them...? How about 4.30 the day before discharge!?
I will receive them (into trust) 20 days before discharge. Can I never sell them...wondering if the monies will be claimed back?
i |
| Suzanne |
Posted - 06 March 2009 : 09:06:06
Hi indy
The 3 year rule applies to residential property not to other assets and basically means that the OR/Trustee has to start the repossession action for the property before 3 years from the bankruptcy order expires.
If you are able to cash in the shares prior to discharge then they are an asset that can be captured in the bankruptcy. There is some argument that they could also be an after aquired asset also as they are 'received' prior to discharge and as such would also be captured in the bankruptcy.
Not that I would condone not disclosing this asset, but in light of the uncertainty of whether it is an asset in bankruptcy, and that on discharge you would not be required to, I would wait and see when you actually receive them in case it does fall outside of the bankruptcy.
Give me a call if you want to discuss this any further.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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