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mcbz9
Contributor
14 Posts |
 Posted - 15 December 2009 : 21:53:42
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A question for the experts. The 5 weeks for my TD was due up today so I contacted the Insolvency assistant who is dealing with mine hoping to hear good news. She has advised that there have been some objections, which are due to the Trustee fees.
The insolvency assistant says they (Tenon in Glasgow) will be in touch with the creditors to negiotiate, however I have been worrying about this and getting stressed for weeks now. I do not want to go to sequestration, and was hoping the trust deed would be protected this week.
In your opinion, is it likely the objections can be overturned? How much negotiation are you allowed? If they dont accept Tenon's next offer, can they go back again? Surely it would be in their interests to accept some form of return in a protected trsut deed rather than sequestration? (The offer stands at 37p in the £). Thanks in advance for any assitance. |
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Trust Deed Assistant
Trust Deed Expert
963 Posts |
Posted - 16 December 2009 : 09:29:46
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Hello mcbz9,
Objections in Trust Deeds are common and I know the team handling your case will be working hard to overcome them.
The point that you make about the return to creditors from sequestration is a good one. Creditors are normally "commercial" in their outlook and I do hope that this will all be sorted out for you soon. |
Scottish Trust Deed Forum Web-Facilitator.
To get personal advice on Scottish Trust Deeds please add your question to this forum, call 0800 0437201, or complete the "Contact Us" form available on the left-hand menu. |
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mcbz9
Contributor
14 Posts |
Posted - 16 December 2009 : 16:07:14
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| Hi Trust Deed Assistant. Thanks for your response. Hopefully the objections will be withdrawn, and I can move on with things. One positive may be that it is the trustee's fees that are the issue, so hopefully that means they have accepted my contribution, and statement of expenditure etc. I would hope that the IP can reduce their fees to allow the deed become protected. |
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Trust Deed Assistant
Trust Deed Expert
963 Posts |
Posted - 16 December 2009 : 17:12:56
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I do think you're in good hands with this firm. We've visited the Glasgow office of Tenon and I know they will be working hard to overcome the objections if at all possible.
Creditors do have the right to object to Trust Deeds if they wish and so there will always be some cases that do not secure creditor support even though the proposals seem fair and reasonable. Trust Deed firms also have the right to a reasonable fee for the work that they do. Overall the great majority of cases do achieve agreement and protection as it is generally in the interests of everyone involved for this to happen. |
Scottish Trust Deed Forum Web-Facilitator.
To get personal advice on Scottish Trust Deeds please add your question to this forum, call 0800 0437201, or complete the "Contact Us" form available on the left-hand menu. |
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Kevin Mapstone
Trust Deed Expert
414 Posts |
Posted - 16 December 2009 : 22:06:22
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Hi mcbz9
Hopefully this will be just a temporary setback - there is often room for negotiation and more often than not objections can be successfully overturned. Different creditors have different views on what they see as acceptable and it can be more a slightly more difficult process sometimes if a sufficiently large proportion of the debt is owed to certain creditors.
If you'd like to contact me off-line with your details then I am happy to see what I can do to try and help things along... |
To have me prepare a Scottish Trust Deed for you please click here: http://www.trust-deed.co.uk/contact_kevin_mapstone.php |
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mcbz9
Contributor
14 Posts |
Posted - 16 December 2009 : 22:53:23
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| Thanks Kevin. I'm confident the TD will go through, however it is just a worry at the moment. Appreciate your offer of help. Will try and contact you off line. |
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Kevin Mapstone
Trust Deed Expert
414 Posts |
Posted - 17 December 2009 : 10:28:42
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I've spoken with your case manager in Glasgow, mcbz9, and the good news is that the objection has been removed, so your trust deed is to become protected after all.
It was actually a very minor problem which was ironed out easily without any amendments to the proposal required.
Have a good Christmas
Kevin |
To have me prepare a Scottish Trust Deed for you please click here: http://www.trust-deed.co.uk/contact_kevin_mapstone.php |
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mcbz9
Contributor
14 Posts |
Posted - 17 December 2009 : 10:36:51
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Fantastic! Many thanks Kevin.
This site has provided great advice during the whole process. It will be a huge relief to get things sorted. |
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Trust Deed Assistant
Trust Deed Expert
963 Posts |
Posted - 17 December 2009 : 10:40:14
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Well done mcbz9; I'm delighted that you can now start to put all of this behind you.
Congratulations to Kevin and the team at Tenon as well for all of their hard work and professionalism. |
Scottish Trust Deed Forum Web-Facilitator.
To get personal advice on Scottish Trust Deeds please add your question to this forum, call 0800 0437201, or complete the "Contact Us" form available on the left-hand menu. |
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TD Objections
