Quote:
Originally Posted by zachvac
Since I don't think too many people here have any idea about insolvency law in the UK, can you expand on what that actually means? If he has £64,892 in his possession (or w/e the USD equivalent is) does he owe this as soon as he acquires it? Is it like bankruptcy in the US where once he files future earnings can not be taken? I don't have much of a knowledge of US bankruptcy laws let alone UK ones.
Without going into too much detail, in general any material assets that a bankrupt acquires are required to be used to facilitate payment to his creditors. With something like wages it can get complicated, but often the Official Receiver (who handles the bankruptcy) will apply for an Income Payments Order which allows the bankrupt to keep a portion of his income that he requires for essential living costs, but requires the surplus to be surrendered for distribution among the bankrupt's creditors.
If, on the other hand, a bankrupt's mother dies and leaves him £50k in her will or something (in other words an 'unexpected' asset is obtained during the bankruptcy), that whole amount will invariably go to the creditors (assuming the bankrupt's debt is >£50k of course).
I have no idea where "money obtained for providing services on an online poker training site" would fall, to be honest, although it is income and as such would certainly be required to be declared to the Official Receiver (and I'd bet that in Jason's case it hasn't). I'll fish about for more info at work tomorrow (as I said I deal more with corporate than personal insolvency, so I only have as much of an understanding of personal insolvency as I needed for an exam last November).
Last edited by Dorkus Malorkus; 01-27-2010 at 05:36 PM.