So you’ve made the decision to apply for sequestration. You’ve taken advice and considered all the options, you know you meet the criteria, what the potential impact will be on your life in the future, possibly even your career and you want to go ahead.
Well...how exactly do you do that?
Knowing you are insolvent is not enough – you have to prove it and there are several ways of doing that;
The AiB publishes sequestration forms on its website here. There are a number of pages of notes you need to read beforehand and you will need all of your financial paperwork to hand before filling in the forms. The information is quite detailed so it pays to start collecting it up a few days in advance in case you need to ring a lender and obtain any of the information.
Each application for Sequestration comes with checklists to make sure you have carefully considered everything and included the evidence required for the AiB to make a decision. Without it, the AiB cannot grant your Sequestration. Don’t forget to sign and date everything, as missing anything here could mean your application is delayed or not processed.
Once the evidence is taken care of, you need to be able to pay the fee. This can be done before you apply (either in person at AiB or at the bank, or by using a debit card over the phone), and including the receipt in with your application, or you can send payment off with your application by cheque or postal order. You can even pay the application fee in instalments. There are details of how to do this in the debtors guide on the AiB website here and in the debtors’ application pack. Note that you have to have payed the fee in full before you can send in your application. You cannot make payment by credit card.
If you cannot afford to pay the fee, it’s fine for someone else to do so, or you can make small payments over time and then send off all the receipts with your application.
The decision to sequestrate you won’t take long. As long as you complete the forms correctly and provide all of the information required, you could receive confirmation of the sequestration in just 5 days. It really can be that fast!
You can choose for an Insolvency Practitioner to be appointed as trustee and take care of the administration of your Sequestration by putting their details into your application. If you do not nominate an Insolvency Practitioner the AiB will become your trustee and she may administer your bankruptcy herself or appoint an Insolvency Practitioner to act as her agent.
An interview meeting with your IP will be arranged shortly after this to go through all of your details and start the next step of your sequestration – the valuation and sale of your assets if applicable. Your creditors will be told by your IP within 60 days of the date your sequestration was awarded, and you will never have to deal with your creditors again!
For more information on how to file for sequestration, call now and talk to one of our sequestration specialists experts on 0141 345 2904.