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T O P I C R E V I E W
kr03
Posted - 10 April 2009 : 21:55:42 Hi, I was made bankrupt in Feb 2007 and discharged Oct 07. I had a Income Payments Agreement set up for 36 months (which should have finished May 2010) but had a letter in June 2008 telling me I did not have to pay any further payments. My father has just sold him property and has said he would like to give me a cash gift, do I have to inform the official receiver of this.
4 L A T E S T R E P L I E S (Newest First)
kr03
Posted - 11 April 2009 : 09:45:50 Thanks John
You have been a great help. Going BR was a difficult decision but after we had done it we both felt a great weight off our shoulders, but now 2 years on I still feel uneasy about things as I am always expecting the OR to come knocking at the door to ask for more money - hopefully this worry will subside over time.
Best wishes Karen
John
Posted - 11 April 2009 : 07:54:12 Hi
if you are both discharged the gift is safe.
As your husband is still in his IPA he must notify the OR once redundant. Obviously this will affect his ability to contribute to his IPA which will be supended until he finds alternative employment or until the 3 year period from the commencement of the IPA has ended .
The redundancy aspect of any monies received is safe after discharge.Any monies received by way of payment in lieu of notice is technically claimable but most offices will take a view in light of no other income source.
John White England Jackman & Spacey
kr03
Posted - 10 April 2009 : 22:26:47 Thanks John, that's good news, it still feels odd not having to tell the OR, although the solicitors who we were first with have passed everything over to a new solicitor and they didn't tell me, just my husband who also went bankrupt at the same time as me but is still paying his income payment agreement - will he have to tell the OR about the cash gift??
Also what about redundancy money - my husband is likely to be made redundant next week :( should he inform OR of his redundancy payout as he'll need to tell them he cannot pay his IPA as he will have no income.
John
Posted - 10 April 2009 : 22:22:07 Hi
after discharge you do not have to inform the OR of such a gift. It would appear your IPA was terminated for some reason but even if it were still running it is based on income only and therefore you would not be required to inform the OR.
