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indy2005
Junior Member
458 Posts |
 Posted - 20 May 2008 : 20:27:05
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Hi,
I have about 4K of shares as part of a company bonus scheme. They are held in some kind of trust so I cant touch them for 3 years (5 years if I dont want to pay tax). I listed them on the SOA as I felt they were an asset. Now I am wondering if they are actually my asset yet.
Some mature next year, some the year after that and some the year after that. What I dont want is for a trustee to start enquiring with my employer how they can release these shares prior to 3 years because, ideally, work dont need to know about my bankruptcy.
Any advice appreciated.
i |
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Helpful Advice
Average Member
United Kingdom
646 Posts |
Posted - 20 May 2008 : 22:05:12
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Hi Indy,
The Trustee will deal with these shares as and when they mature.
You have done the correct thing by listing these on the statement of affairs.
Your Trustee has three years to deal with your Assets so there is plenty of time to cash these in at the correct intervals.
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my personal story & blogs at:
http://brettengland.blogs.bankruptcyhelp.org.uk/ |
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melanie_giles
Senior Member
1191 Posts |
Posted - 20 May 2008 : 23:00:58
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Brett
A Trustee has far longer than three years to deal with assets such as shares, if they deem it necessary. It is only the matrimonial home which is subject to the three year ruling.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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Helpful Advice
Average Member
United Kingdom
646 Posts |
Posted - 20 May 2008 : 23:07:25
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Hi Melanie,
My apologies you are absolutely right my mistake, I give the excuse that it's late and I have had a hard paper round today.
Fundamentally though Indy this does not effect what I said regarding the Trustee cashing in the shares.
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my personal story & blogs at:
http://brettengland.blogs.bankruptcyhelp.org.uk/ |
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indy2005
Junior Member
458 Posts |
Posted - 22 May 2008 : 22:48:55
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Thanks everyone.
So they are happy to wait for them. Good. Dont want work to be contacted. Would they "seize" them (ouch) or trust me to pay them the proceeds when they mature?
Want to keep work out of it.
I am actually trying to find out from work if they are mine or not yet!? Dont quite understand it, they may not physically be an asset of mine even in some bizarre legal sense. |
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melanie_giles
Senior Member
1191 Posts |
Posted - 22 May 2008 : 23:51:27
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The Trustee may well go for a refund of the monies you have paid in rather than waiting for the shares to mature.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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indy2005
Junior Member
458 Posts |
Posted - 23 May 2008 : 00:59:19
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I didnt pay in, part of my annual bonus is paid in shares, held in trust for 3 years. Its not a "save as you earn" scheme.
This is why i am wondering if these are even my asset yet. |
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melanie_giles
Senior Member
1191 Posts |
Posted - 24 May 2008 : 01:06:26
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The use of your bonus is still deemed to be paying in I am afraid.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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indy2005
Junior Member
458 Posts |
Posted - 24 May 2008 : 01:11:18
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| Not sure I understand that. I have been give them as a bonus, I havent paid for them. Would they want full value for them, if someone had to chip and offer something for them (read MumBank!). |
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melanie_giles
Senior Member
1191 Posts |
Posted - 24 May 2008 : 22:05:18
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If your employer has declared that you are entitled to a bonus - and that money has been used to purchase shares - the bonus is still treated as a bonus. Your Mum could make an offer to the OR to acquire your interest in the shares, rather than them being cashed in. Ask your employer to give you a statement of their current value.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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indy2005
Junior Member
458 Posts |
Posted - 25 May 2008 : 13:44:50
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Thanks
Would this be full value. They are valued 6 weeks ago at 4K, but I am mindful I am going to have to ask my mum for money if the house issue doesnt go in my favour.
Regards
i |
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melanie_giles
Senior Member
1191 Posts |
Posted - 25 May 2008 : 15:42:02
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Yes - at full value.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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indy2005
Junior Member
458 Posts |
Posted - 25 May 2008 : 22:53:45
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| I am not entitled to a bonus. I can be awarded on a sliding scale from 0 to 20%. There is no automatic entitlement....I have to work hard to get anything. |
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Topic |
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Shares in trust
