equity help - customer pre-payment accounts re farepak
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equity help - customer pre-payment accounts re farepakHey all, just have a quick question about one of my equity topics. I'm looking at trusts and insolvency and have got different notes on the same issue, just wondering if someone could clarify it for me.
With customer pre-payment accounts, under Re Farepak, a declaration over trust over existing customer money is unlawful preference. Say an account was set up and they put in £3k existing customer money, then paid in subsequent money. Does this make the whole trust account void, or does it just mean that the original £3k is not part of the trust (so available to creditors) but the subsequent customer money is safe? -
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