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bankcrupcy
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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?
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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.
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.
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