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 I am going to go bankrupt this month

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T O P I C    R E V I E W
simon88 Posted - 03 January 2010 : 17:41:31
I am going to go bankrupt this month unfortunately. My wife has an ISA that she took out in my name for the future college or other necessary expenditure for my 2 children. It has approx £5k in it. All contributions have been made via her child benefit payments over the last 10 years. She also has an identical one in her name for our second child. Neither could be taken out in the children's names as they are too young. Would either of these be confiscated by the receiver?
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gettingoutofdebt Posted - 03 January 2010 : 17:44:49
Hi Simon,

The ISA in your name will be seen as as asset by the OR and closed. The amount in the ISA will be taken by the OR.

You can have a look at the exact procedure that the OR will use with savings and ISAs in their Technical Manual - http://www.insolvency.gov.uk/freedomofinformation/technical/TechnicalManual/Ch25-36/Chapter31/part5/part3/part_3.htm

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