Assets
When making an application, clients are expected to detail all their income, assets and liabilities. Assets can include money held in a bank account, vehicles, property and life insurance policies.
Most, but not all, assets ‘vest’ in the trustee and it is their duty to try and realise the full value for the benefit of the creditors.
For MAP, there are limits on assets held, as follows.
•The total value of the client’s assets (leaving out of account any liabilities) on the date the client application cannot exceed £2,000 or such other amount as may be prescribed.
•No single asset of the client can have a value which exceeds £1,000 or such other amount as may be prescribed.
•The client cannot own land.
Note: if the client acquires assets after discharge (six months), they may still need to inform the AiB, as per section 3 of the Statement of Undertakings, and the case will be moved to the FAB process.