What is a controlling trustee?
A Controlling Trustee is a qualified insolvency specialist. Usually a Registered Trustee or a Solicitor is appointed as a Controlling Trustee. The Controlling Trustee must investigate the affairs of the debtor and prepare a report to creditors. The report to creditors must make a recommendation on the proposed Personal Insolvency Agreement and must compare the estimated return under the Personal Insolvency Agreement to bankruptcy. The Controlling Trustee must also call the meeting of creditors so the creditors can vote on the Personal Insolvency Agreement proposal.
The time period that a Controlling Trustee will act is from the date the 188 Authority is signed up until the meeting of creditors is held. If the Personal Insolvency Agreement is accepted by creditors, a Registered Trustee must supervise the agreement.
What you need to know about appointing a controlling trustee?
You should be aware that signing the 188 Authority is irrevocable and once you sign a 188 authority, your Controlling Trustee will have full control over your property. Call Debt Free today to find out more about appointing a controlling trustee – our initial phone consultation is free and all information disclosed is entirely confidential.
Personal Insolvency Agreement
18/02/10