Childrens bank accounts. Will the OR be able to take funds from our childrens bank accounts? the younget has a child trust fund with approx £500 in and the eldest has a savings account with a similar amount in.
Both accounts are in the childrens names I believe but with myself as trustee too. I'm not too concerned about the child trust fund as the only person with access to the funds is the named child when they turn 18.All I have power to do is change where it's banked or the kind of CTF account they have, not actual access to funds. However I have full access to the eldests bank account. My ex husband also pays into this account for him and I don't want the OR getting his hands on money that has been paid into an account in good faith for someone else. I'm wondering whether we'd be better off asking my ex to open an account with him as trustee instead and transferring the money to that?
If the accounts are in your childrens name they do not form an asset in your bankruptcy and the OR would not treat them as an asset.
Melanie Nicholas 28 years insolvency experience - 23 of which in the Insolvency Service - Insolvency Manager Jones Giles email me at melanienicholas@jonesgiles.co.uk
Childrens bank accounts.
Posted - 12 July 2009 : 22:06:47
