Notes for Guidance - Protected Trust Deeds - Bankruptcy (Scotland) Act 2016
- First published
- 30 November 2016
- Last updated
- 27 June 2024 - see all updates
- Topic
- Protected Trust Deeds
This guidance describes the general functions of Accountant in Bankruptcy and trustees in relation to their responsibilities regarding protected trust deeds (PTDs) which were granted on or after 30 November 2016
Contents
Notes for Guidance of Trustees under Protected Trust Deeds
1. General principles
2. Preparation of trust deeds
- 2. Preparation of trust deeds
- 2.1 Who can grant a trust deed
- 2.2 Initial contact
- 2.3 Pre-trust deed work by third party agents
- 2.4 Advice to debtors
- 2.5 Trust deed information document and adequate time
- 2.6 Debt Advice and Information Package
- 2.7 Liabilities
- 2.8 Assets
- 2.9 Exclusion of a dwelling-house from a trust deed
- 2.10 Agreement in respect of a heritable property
- 2.11 Contributions
- 2.12 Time to think
- 2.13 Contributions paid by an employer
3. Dissemination to creditors
4. Effects of protection
5. Removal of Protected Status
6. Administration
- 6. Administration
- 6.1 Contributions
- 6.2 Assets
- 6.3 Powers relating to Section 113 of the Bankruptcy (Scotland) Act 2016
- 6.4 Unfair preferences etc
- 6.5 Claims
- 6.6 Dividend payments
- 6.7 Fee payable to the trustee
- 6.8 Increasing the trustee’s fixed fee
- 6.9 Preferred debts
- 6.10 Lloyd’s insurance debts
- 6.11 Supply of utilities to a business
- 6.12 Accounting intervals
- 6.13 Retention of documents
- 6.14 Change of trustee
- 6.15 Power to cure defects
- 6.16 Electronic delivery of forms and notices
7. Audit
8. Supervision of Protected Trust Deeds
9. Debtor's discharge
10. Trustee's discharge
- First published
- Wednesday, 30 November 2016
- Last updated
- Thursday, 27 June 2024 - show all updates
- All updates
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Updated to take into account The Protected Trust Deeds (Miscellaneous Amendment) (Scotland) Regulations 2024 which came into force on the 1st July 2024. New additions to the guidance includes: Removal of protected status of a trust deed and a review process, Debtor discharge due to extenuating circumstances prior to the 48 month minimum term and Trustee refusal of debtor discharge process, previously part of the PTD Protocol, now in legislation for all trustees to follow
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Update to section 5.1 - Contributions to reflect recent change to Common Financial Statement registration.
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Supporting document published on website
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Published on website
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Amended - PTD Protocol
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Amended
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First published
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