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Notes for Guidance - Bankruptcy (Scotland) Act 2016 (as amended)

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.

13.10 Scheme of Division account

Prior to paying a dividend to creditors trustees are required to have the Scheme of Division approved by the commissioners, or the Accountant. This must always be submitted with an account which has an end date that is the same as the date of the Scheme of Division.

In arriving at the fund for division, the trustee should provide for contingencies, to allow for the Accountant’s fees for:

  • supervising proceedings in the bankruptcy
  • audit of the account under review 
  • audit of the final account in which the estate is distributed

An estimated breakdown of the fee to close for the final period and closure should accompany the Scheme of Division.

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