your account would be frozen and the money made unavailable. If that money is purely for essential bills etc then the account can be unfrozen by the bank so that you can access access the funds once the OR has authorised the bank to do so. At which point the account itself will probably be closed by the bank.
If the funds are intended for essential costs you could always remove them before you petition the court.
Your bank statement will show you have done this but there will be no problem if you explain to the OR why you did so.
May i presume you are about to file for bankruptcy - if so it would be wrong of you to repay a family member as this is classed as 'preference' in that you are preferrrng one debt over another. If the money is from your salary you will be able to retain it to meet your day to day commitments - if it is an amount over and above your salary ie savings the OR will sieze it as an 'asset'.
Melanie Nicholas 28 years insolvency experience - 23 of which in the Insolvency Service - Insolvency Manager Jones Giles
what happens to any money in my bank account?
Posted - 19 March 2009 : 15:31:58
