bankcrupcy

[mummy2001]

If you hold an account in trust for your child who is 5 year old, when you go bancrupt can they take these funds into account?

[themas]

I'm not sure. You could try asking the Insolvency Service helpline (see their website).

In principle only the assets of the bankrupt can be taken, but I think you would have to show conclusively where the money came from and why you hold it in an account; also what the nature of the trust is. They would need to ensure that the trust was not a device to put an asset of yours beyond the reach of your creditors.