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lilone
Frequent Contributor

41 Posts

Posted - 21 December 2021 :  13:37:23  Show Profile  Reply with Quote
Hello
I posted about finishing my Trust deed at start of December yey

havent had my discharge letter so thought id chase this , was informed by company that they need to send letter or form to creditors that give them 21 days to object to end of trust deed is there any reason they can object and if so what does this mean for me ?and this wont be done until jan. the trust stated i had done everything they asked as i wasn't paying in contributions i was updating them every 3 months with bank statement for the last 1.5 years so always updated. am just keen to be done with this and am a worrier could this be re-opened if they object or come back to me? trust deed stated it is very rare if they do object i have no assets or anything

again thanks for help in advance great forum!
Nadine

TDA (Debt Adviser)
Trust Deed Expert



13967 Posts

Posted - 21 December 2021 :  17:25:49  Show Profile  Reply with Quote
Hi lilone,

I think it's very unlikely that your creditors will object to this.

What's the advantage to them of keeping it open if you have no assets and cannot afford a monthly payment?

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Kevin Mapstone
Trust Deed Expert



4111 Posts

Posted - 21 December 2021 :  17:50:46  Show Profile  Reply with Quote
Hi Lilone.

It isn't usually required for the Trustee to send anything to creditors asking if they object to you being discharged.

Which makes me suspect that this might just be an unfortunate issue of timing. Are you within 6 weeks after the anniversary of your Trust deed being signed? If so then the Trustee has to send the usual annual report to creditors on the Trust Deed's progress. In cases where the amount creditors are going to receive is significantly less than first thought, then the Trustee does have to give creditors 21 days if they wish to respond and object to whatever course of action the Trustee is proposing to take (ie discharging you).

In my experience creditors never ever respond or object to these reports, so you should feel very confident that your discharge will be able to be put through in January.

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lilone
Frequent Contributor

41 Posts

Posted - 22 December 2021 :  08:53:31  Show Profile  Reply with Quote
thanks for your reply!

yes i think i am within the period of annual report he did mention something along the lines of that on our call. I was just worried this would stop my discharge etc or id have to continue on.
just for interest what would happen in the case the did object ?

fingers crossed for end of january
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Kevin Mapstone
Trust Deed Expert



4111 Posts

Posted - 22 December 2021 :  10:03:12  Show Profile  Reply with Quote
First of all, there would need to be more than a third in value or a majority in number of creditors objecting to cause any problem, so that in itself is very unlikely. If there were sufficient objections then the Trustee has to let the Accountant in Bankruptcy know, who will then make a direction as to what should happen. I have never had a case where it has come to this, but I think there would need to be a very good justification for the AIB to direct that your discharge should not go ahead. If your trustee is reporting that you have complied throughout then I imagine this would be sufficient for discharge to be approved.

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