Publication - Notes for Guidance
Notes for Guidance - Bankruptcy (Scotland) Act 2016 (as amended)
- First published
- 1 November 2021
- Last updated
- 18 April 2024 - see all updates
- Topic
- Bankruptcy
This guidance describes the general functions of Accountant in Bankruptcy, interim trustees, trustees and commissioners in relation to their responsibilities regarding bankruptcies which started on or after 30 November 2016.
Contents
1. Role of The Accountant in Bankruptcy
2. Bankruptcy award and recall
- 2. Bankruptcy award and recall
- 2.1 Recording a notice with Registers Of Scotland
- 2.2 Recording of an award by the Accountant
- 2.3 Advertising the award
- 2.4 Recall of sequestration
- 2.5 Recall petition to court
- 2.6 Recall application to The Accountant
- 2.7 Effect of recall on a Bankruptcy Restrictions Order
3. Initial stages of bankruptcy
4. Trustee
5. Replacement trustee
- 5. Replacement trustee
- 5.1 Election of a replacement trustee
- 5.2 Replacement of a trustee acting in more than one bankruptcy
- 5.3 Resignation or death of the trustee
- 5.4 Removal of a trustee other than when unable to act
- 5.5 Removal of a trustee when unable to act or no longer able to continue to act
6. Commissioners
7. Vesting of the estate
- 7. Vesting of the estate
- 7.1 Continuation of debtor’s business by trustee
- 7.2 Heritable property which has been conveyed to a third party
- 7.3 Property held on trust
- 7.4 Property subject to a restraint order
- 7.5 Income
- 7.6 Repayments and refunds – post bankruptcy
- 7.7 Pensions
- 7.8 Child support maintenance
- 7.9 Claims for patrimonial loss and compensation
- 7.10 Redundancy payment
- 7.11 Criminal injuries compensation
- 7.12 Critical illness cover
- 7.13 Partnerships & limited companies
- 7.14 Bankruptcy of practising solicitors
- 7.15 Effect of the Debt Arrangement and Attachment (Scotland) Act 2002
8. Debtor contributions
9. Safeguarding the interest of creditors
10. Administration of the estate
- 10. Administration of the estate
- 10.1 Management and realisation of the estate
- 10.2 Heritable property
- 10.3 Moveable assets
- 10.4 Unrealisable assets vested in trustee
- 10.5 Abandonment of assets
- 10.6 Contractual powers of the trustee
- 10.7 Debtor’s account for state of affairs
- 10.8 Financial education for the debtor
- 10.9 Re-direction of mail
- 10.10 Papers, books and records
11. Examination of the debtor
12. Claims, dividends and distribution
13. Accounts
- 13. Accounts
- 13.1 Accounting periods
- 13.2 Application to accelerate/extend an accounting period
- 13.3 Accounting periods after the appointment of a replacement trustee under Section 60 of the Act
- 13.4 Appointment of a replacement trustee under Section 69 or 66 of the Act
- 13.5 Fees and outlays payable on appointment of a replacement trustee
- 13.6 Submission of accounts
- 13.7 Audit and determination of accounts by the commissioner(s)
- 13.8 Audit and determination of accounts by the Accountant
- 13.9 Deferral of remuneration by the Accountant
- 13.10 Scheme of division account
- 13.11 Final account
- 13.12 Other account considerations
- 13.13 Entitlement to remuneration
- 13.14 Fees due to the Accountant
- 13.15 Intimation of the determination to the debtor and creditors
- 13.16 Determination of trustee fees and outlays - appeal
14. Discharge
15. Assets discovered after discharge of the trustee
16. Bankruptcy Restriction Orders
- 16. Bankruptcy Restriction Orders
- 16.1 Interim BROs
- 16.2 Expectations of the Accountant
- 16.3 Grounds for a BRO
- 16.4 Public interest test
- 16.5 Making an investigation application
- 16.6 Receipt of an investigation application
- 16.7 BRO restrictions
- 16.8 Application for a BRO to the Accountant
- 16.9 Application for a BRO to the sheriff
- 16.10 Variation or revocation of a BRO
- 16.11 Variation or revocation of a BRO – appeal
17. Functions of the Accountant in Bankruptcy
18. Miscellaneous
19. Duties and functions of commissioners
20. Appendices
- 20. Appendices
- Appendix A – Information held on the Register of Insolvencies
- Appendix H - List of documents to be sent to AiB by the trustee
- Appendix P – List of sederunt book documents
- Appendix R - List of offences
- Appendix S - Minimum standards for suspected offence report
- Appendix U - AiB team contact details
- First published
- Monday, 1 November 2021
- Last updated
- Thursday, 18 April 2024 - show all updates
- All updates
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Supporting document added to website
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Published on website
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Amended sections 2.2, 12.7.2, 12.8.2, 13.6, 13.9, 13.12, 13.13, 13.14, 16.5, 18.5.1
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Published
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