Trust Deed Forum - Sequestration while on the Protected Trust Deed
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 Sequestration while on the Protected Trust Deed
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Andrewcarton2546
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3 Posts

Posted - 10 April 2021 :  20:44:27  Show Profile  Reply with Quote
Hello,

I am on protected trust deed (PTD) in Scotland. this was setup with multiple creditors and everything is normal, there is no problem with PTD point of view.

while i am on PTD, new massive debt has arisen with HMRC. HMRC debt was not included in trust deed.

HMRC claims penalties, some other business tax affairs.., leads to over 100k new debt that noway i can afford to clear it.

The problem i have :
Existing and ongoing PTD does not cover HMRC debt as HMRC debt has arisen newly.

I am thinking to declare "Sequestration while on the Protected Trust Deed". however i have heard that a debtpr can not file on his own
for Sequestration while on the Protected Trust Deed.

Please guide me how i declare Sequestration while on the Protected Trust Deed? or what are the options for me? and i have HMRC stress like elephant sitting on me

Thanks,
Andrew

TDA (Debt Adviser)
Trust Deed Expert



13734 Posts

Posted - 11 April 2021 :  21:03:20  Show Profile  Reply with Quote
Welcome to the trust deed forum Andrewcarton2546.

I'm afraid you cannot simply apply for bankruptcy at the moment. You'd need your trustee to release you from the trust deed first.

It might be a good idea to contact your trustee and explain this situation to them. They might be prepared to work with you to find a solution to this problem.

Are you certain that none of these tax labilities arose during the period before your trust deed began?

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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Andrewcarton2546
New Member

3 Posts

Posted - 11 April 2021 :  22:29:49  Show Profile  Reply with Quote
Thanks for your response.

All HMRC liabilities arose dated back to many many years ago on some third party person . These all liabilities on third party name until few weeks ago, now hmrc transferred on my name.

trust deed has begin 2 years ago. its protected status now.


Hmrc liabilities are not declared/listed in protected trust deed because these liabilities are not on my name when protected trust deed (PTD) begins. in other words, hmrc has shifted liabilities on my name overnight suddenly in the middle of my protected trust deed (PTD). hence new situation has arisen.

trying to find solutions for this


Edited by - Andrewcarton2546 on 11 April 2021 22:32:50
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TDA (Debt Adviser)
Trust Deed Expert



13734 Posts

Posted - 12 April 2021 :  10:13:33  Show Profile  Reply with Quote
Hi Andrewcarton2546.

I would again suggest that you get in touch with your trustee to explain all of this ASAP.

A trust deed covers all of the qualifying debts that existed at the time that it began, whether or not they were added to the creditor list at the time.

If the original HMRC liabilities arose prior to the start of your trust deed it might just be that they're already covered by it.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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Andrewcarton2546
New Member

3 Posts

Posted - 12 April 2021 :  18:24:01  Show Profile  Reply with Quote
Thanks for your response.

I will notify the Trustee immediately. Thank you
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