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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.

15.2 Actions of the insolvency practitioner

An insolvency practitioner may consider making an application to be appointed as trustee in a case if:

  • the trustee has been discharged
  • they become aware of an asset with a value of more than £1000
  • the asset was not known to the trustee before their discharge date
  • the asset would have vested in the trustee had they been aware of it
  • the asset was brought to their attention within five years of the date of bankruptcy
  • a dividend will be payable to creditors after taking into consideration the expected cost of making the application and the administration costs for ingathering the funds, or sale of asset, distribution and closure of the case
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