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What will creditors expect?
If your trust deed becomes a protected trust deed your creditors’ rights are limited.
They can only ask the court to make you bankrupt after the trust deed has been protected, if they can prove that bankruptcy would be a fairer deal for them. However, this is unlikely
because the trustee of a trust deed deals with contributions and assets in just the same way as they would in bankruptcy.
Creditors will not agree to a trust deed unless they think the offer you have made to repay part of what you owe to them is reasonable.
As a general rule creditors will expect you to repay as much as you can afford. Creditors do not have to accept any offer. They won’t agree to your trust deed if they think you can afford to pay more than you have offered to pay or if they think that you ought to be made bankrupt.
Your trustee will also need to collect enough to pay his own fees and these must be paid before payments are made to creditors.