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Jo C.
Jo C., Barrister
Category: Law
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Experience:  Over 5 years in practice
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I have to meet with the administrators of my company to discuss

Customer Question

I have to meet with the administrators of my company to discuss personal payments owed to creditors. I have some money tied into pensions, can this be released before retirement age to pay creditors?
Submitted: 11 months ago.
Category: Law
Expert:  Alex J. replied 11 months ago.
Hi, Thank you for your question and welcome. My name is ***** ***** I will assist you. Why do you have to make these payments? Are they required under a specific section of the insolvency act or as a personal guarantee?
Customer: replied 11 months ago.
They are part directors loans paid by the company and also as a personal guarantee on a bank loan to the company
Expert:  Alex J. replied 11 months ago.
Hi, Thank you. If you were made bankrupt potentially any excessive pension contributions could be accesses, other wise whether you can take a lump or not depends on the terms of the pension and your age. Is there a reasons why you are negotiating with the administrators? I would be negotiating with the bank directly - also if you believe the administrators do not actually have the funds to sue, I would certainly not volunteer any information about your pension.

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