Trust Deed Forum - Professional Misconduct of Insolvency practitioner
Trust-Deed.co.uk
Home Home Page


















Trust Deed Forum
Trust Deed Forum
Home | Profile | Register | Active Topics | Members | Search | FAQ
Username:
Password:
Save Password
Forgot your Password?

 All Forums
 Trust Deeds
 Scottish Trust Deed Forum
 Professional Misconduct of Insolvency practitioner
 New Topic  Reply to Topic
Author Previous Topic Topic Next Topic  

Pete2XD
Just Joined

1 Posts

Posted - 14 May 2018 :  09:50:11  Show Profile  Reply with Quote
Hi,

I entered into a trust deed in 2013 and I had my final review last year. However it transpired that my Insolvency practitioner had not reviewed and of my salary slips or bank statements that I had sent in over the duration of the trust deed. Because my salary had gone up significantly over the three years, they added a further 2.5 years onto my trust deed and increased my payments. If my file was regularly reviewed then my payments would have been gradually adjusted and I might not have had these additional years. I logged a complaint with the Insolvency Practitioners Association (IPA) and they found the practitioner guilty and fined him £2,700. Howeevr I am still left with the additional 2.5 years of increased payments.
I have contacted several lawyers to see if anyone could take on my case and try to claim compensation or indeed have my payments reduced however I have not found anyone willing yet. Does anyone know a lawyer who would be willing to take on my case?

Regards

Pete

TDA (Debt Adviser)
Trust Deed Expert



12364 Posts

Posted - 14 May 2018 :  10:27:46  Show Profile  Reply with Quote
Welcome to the forum Pete2XD.

I'm very sorry to hear about this. It must be incredibly frustrating for you.

I'm afraid that I don't have a specific recommendation for you, but it would be sensible to focus on solicitors who explicitly cite insolvency as being a specialist area of practice.

Have any of the solicitors given a reason why they don't want to take on the case?

I fear that there might be a bit of a Catch 22 for you here. If you were to receive compensation while still in the trust deed then your trustee may feel obligated to collect in those funds for the benefit of your creditors.

There's also an issue of demonstrating a loss as well. This is because the additional period is to gather in funds that, had the IP taken appropriate action at each review, you would have paid over anyway. The total contribution seemingly doesn't change.

Of course you are stuck in an insolvency process for way longer than you could have expected to be. This may have associated costs of various types also.

If you can find a solicitor (with an insolvency specialism) who is prepared to advise you about this, I guess you'll be able to weigh up whether taking any type of legal action is going to bring you any direct benefit.


Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
Go to Top of Page

Sarah Houston
Trust Deed Expert



38 Posts

Posted - 14 May 2018 :  12:26:50  Show Profile  Reply with Quote
Hi Pete2XD
Sounds like you have had a difficult time with your trust deed.

Your right of recourse would be to complain to the trustee’s professional body and for them to take appropriate action. You have followed the process and have had a successful result albeit, you would not be entitled to the proceeds of the fine.

The IPA may have recommended a course of action for the trustee to take?

I have had a look on their website but cannot see any notices that is specific to this case.

Generally speaking, to make a claim for any compensation, you would need to demonstrate a financial loss and as TDA advises, any award of compensation would be conveyed to your trustee to benefit creditors. Based on the information you have provided, it would be difficult to demonstrate financial loss.

In terms of the specific legislation, an individual will be discharged for the trust deed if they have co-operated with the administration of the deed and have fulfilled the obligations.

Arguably, you have fulfilled your obligations and it is their failure to request the additional payment that has put you in this position.

I would recommend you speaking with the Accountant in Bankruptcy in this matter before instructing legal opinion. They may be able to provide direction to the trustee on this matter.

Hope this helps



Sarah is no longer posting in the Trust-Deed.co.uk forum.
Go to Top of Page
  Previous Topic Topic Next Topic  
 New Topic  Reply to Topic
Jump To:
Trust Deed Forum © 2008 - 2018 www.trust-deed.co.uk Go To Top Of Page
Snitz Forums 2000

(c) Channel Active Limited. Company Number: 06412452. Data Protection Registration: Z1332750.
Telephone calls may be monitored or recorded. Authorised and regulated by the Financial Conduct Authority.
Trust-Deed.co.uk, Clyde Offices, 2nd Floor, 48 West George Street, Glasgow, G2 1BP. Tel: 0141 2490416.