bankruptcy and redundancy

[firefox123]

can anyone help with this ,i was made bankrupt and i have to pay money every week for 3 years ,if i get made redundant from my job and dont tell them and just keep making my weekly payments and spend my redundancy payment then they find out ,whats the worse that can happen

[marmaris30]

If you lose your job then your IPA/IPO payments will reduce, possibly to zero, until you get another one. Even if you are expected to hand over some of your redundancy settlement, honesty is probably still the best policy.

[sequenci]

You must tell the OR. Your IPA will stop and you shouldn't have to pay the OR any of your redundancy payment as it is not generally regarded as 'income'. There are quite complex rules, though, and a lump-sum from redundancy that you receive between the bankruptcy date and the day of discharge may be regarded as 'after acquired property'.

 

You can read a little more here:

 

http://www.insolvencydirect.bis.gov.uk/freedomofinformation/technical/TechnicalManual/Ch25-36/Chapter30/Part%205/Part%205.htm

[firefox123]

Thank you all for the advice

[firefox123]

i just wouldn't like to think that they will take every penny of my redundancy

[sequenci]

Taken again from the technical manual:

 

The official receiver must satisfied that the amount claimed as after acquired property does not include any amount payable in respect of wages received whilst an individual works out a notice period, holiday pay or arrears of wages. Amounts received in respect of such payments should be included in any assessment for an income payments agreement/order.

[debtinfo]

as to your initial question, the maximum penalty for non disclosure of assets (presuming it would have been an asset in the first place) is imprisonment, so it is not something i would suggest.

 

As to whether it would be an asset would depend on whether you were discharged on the datre the redundancy became effective, so the obvious question is are you discharged, if not how far through the bankruptcy are you and when is the redundancy date likely to be

[firefox123]

made bankrupt in may and possible redundancy in february, i was only wondering whats the point me staying till my work closes just to get my redundancy money then getting it all took off me ,if that was the case then surely i am better leaving just now when i have the chance of another job than waiting till the end ,then getting it took off me and not having another job to go to ,and does anyone know what % of the redundancy money they will claim

[abc123def]

Firefox, you may be discharged by the time of your redundancy. To leave now and not claim the redundancy would be cutting your nose off to spite your face. If discharged the amount they take from redundancy might be very low if any at all. I'd advise staying put if at all possible unless a permanent ideal job comes up.

[Stigman]

Firefox, you may be discharged by the time of your redundancy.

 

Very rare now for OR's to discharge early, they mainly let it run now the full 12 months and the OP will automatically discharge one year on.

 

When ready for discharge the OP will receive a letter from their OR advising them that they are applying for release as Trustee from the Secretary of State for Business, Innovation and Skills.

 

Stigman

[firefox123]

what if i am not discharged ,have you any idea how much % they would take

[debtinfo]

100 %

[firefox123]

thank you i thought that

[stu007]

Hi

 

I would have to air caution on the advice that you will be automatically discharged after 12 months as this may not be the case.

 

As it depends on any precedents sets by the court on your bankruptcy and ultimately it is the Official Reciever that has the final say on when you are Discharged from bankruptcy.

 

If you do get a reduncancy payment IMO if you do to keep on the correct side of the Official Reciever I would still inform them of the payment.

[debtinfo]

The only time you would not be discharged after 12 months is if you have refused to cooperate with the official receiver

[firefox123]

sorry what is IMO

[debtinfo]

In my opinion

[abc123def]

It's rare not to be discharged after one year, and many people are being discharged early still.