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JGM
JGM, Solicitor
Category: Scots Law
Satisfied Customers: 10919
Experience:  30 years as a practising solicitor.
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After date of recall Jan 93 I have discovered that monies were

Resolved Question:

After date of recall Jan 93 I have discovered that monies were taken out off the deposit account used by the accountant in sequestration up to 15 months after discharge to the sum of £15K.
I received £40K back before discharge.

Having obtained copy records from National Archives Scotland
There are No final accounts
I received not notice of discharge.
the firm concerned say they have no more information than I already have.
What can I do next?
Submitted: 3 years ago.
Category: Scots Law
Expert:  JGM replied 3 years ago.
Thank you for your question.

-Could you explain your situation a little more?

Customer: replied 3 years ago.

I was sequestrated 1991


Accounts showed ordinary creditors of £ 72,764.64


 


June 1993 I received a the sum of £30.000 followed by a further £10.000


the Permanent Trustee retained £1.500 as a provisional figure to cover closing procedure costs.


 


Many months passed due to illness before I started to ask about the discharge.


My solicitor obtained copies of files lodged by the firm of accountants in the National Archives of Scotland. Copy of Edinburgh Gazette 12th March 1993


showing I quote (The Lord Ordinary by interlocutor dated 14th Jan 1993 appointed all parties claiming interest within 14 days of intimation hereof.)


No copy of creditors


No copy of closing accounts in archives.


Bank statement obtained from the Bank Deposit Account used by Trustee show that all payments to creditors was made by April 92.


I can only identify one creditor.


The account was closed March of 94.


A further £15 was removed over a period of 14 months after recall.


Many letters were passed to the company concerned no help given.


We approached ICAS they would not act. as the passage of time.


 


Financial Ombudsman advise to get information from firm concerned.


but did order the bank to give us statement these do not identify who payments were made to.


We asked Trustee and got no help..


We asked about creditors no information received.


they say they have no more information than I have.


My accountants identify large sums still owing plus interest.


What action would you advise?


 


 

Expert:  JGM replied 3 years ago.
I think you and your accountants should put a paper together summarising the background and your concerns and send it to the trustee asking for a full statement of intromissions. If the trustee refuses you can contact the Accountant in Bankruptcy and ask for assistance. See www.aib.gov.uk.

The issue of time bar in making a claim comes to mind here. Normally an obligation in respect of money owed from one party to another prescribes after five years. I don't know enough here to advise on that in detail but it is something you should speak to your solicitor about. It is a very long time for this to have been going on without either a resolution to the issues or the raising of court proceedings.
JGM, Solicitor
Category: Scots Law
Satisfied Customers: 10919
Experience: 30 years as a practising solicitor.
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