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Creditors

I opposed the discharge for a first time bankrupt. The court ordered a conditional discharge and payments of surplus income. I am the only creditor who opposed. Do all the creditors get money and when do I get my money?

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One Response to “Creditors”

Barton Goth, GCO, Bankruptcy Trustees said...

Yes and no. The first thing that will happen is the total balance of funds held by the trustee after the conditional order has been fulfilled will have the trustee’s tariff applied and their fees will get paid first. Once the trustee is paid any remaining funds will be distributed on a pro-rata basis to all the unsecured creditors as required under the Bankruptcy and Insolvency Act.

In terms of when you would get your money, likely 3 to 6 months after the conditional order is paid in full.