Dear Trustee - Trust deed information document and adequate time

Dear Trustee,

The Bankruptcy and Diligence (Scotland) Act 2024 (Commencement No. 1, Transitional and Saving Provisions) Regulations 2024 come into force on 20 January 2025.

Section 10 of these Regulations advises that the debtor must be provided with a copy of the trust deed information document as provided by the Accountant in Bankruptcy. The debtor must also be provided with adequate time to consider the information and advice provided. The adequate time is 3 calendar days from the date the advice is given, excluding the day it is provided.

Section 10 confirms that this information must be included in the Section 167 statement provided to the Accountant in Bankruptcy when the proposal is presented for protection. There is no statutory form of statement and insolvency practitioners may use their own format to record this information. Please ensure your statement templates are updated to reflect the new requirements.

The Notes for Guidance have been updated to reflect these changes. 

I would be grateful if you could cascade the content of this letter to the attention of your staff who are involved in the set up and administration of your trust deed cases.

If you have any questions regarding the trust deed information document, please contact Amy Burns or Stacey Dunn.    

Yours faithfully

Stacey Dunn

Head of DAS and Trust Deeds