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Accountant in Bankruptcy
Publication - Notes for Guidance

Notes for Guidance - Protected Trust Deeds - Bankruptcy (Scotland) Act 2016

First published
30 November 2016
Last updated
15 January 2025 - 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

Supporting documents

1.1 Accountant in Bankruptcy

Accountant in Bankruptcy (The Accountant) is a statutory officer appointed by the Scottish Ministers under Section 1 of the Bankruptcy (Scotland) Act 2016 (the “2016 Act”).

The Accountant is independent as regards the exercise of their statutory functions, although their directions and determinations can generally be appealed to a sheriff. Scottish Ministers, after consultation with the Lord President of the Court of Session, may give the Accountant general directions as to the performance of their functions in relation to all bankruptcies and PTDs, but they may not give directions in respect of any particular case.

The Accountant may employ members of their staff to carry out administrative functions on their behalf. The Accountant’s staff will be referred to as AiB, throughout these notes.

The Accountant also provides Notes for Guidance - Bankruptcy. This document is an additional set of notes dealing specifically with matters affecting trustees under PTDs.

First published
Wednesday, 30 November 2016
Last updated
Wednesday, 15 January 2025 -
All updates

  1. changes made to section 2 to reflect the policy changes from 20 January 2025.

  2. amendment to section 6.8 Increasing the trustee’s fixed fee.

  3. addition of section 2.5 - Trust deed information leaflet and adequate time, effective from 20 January 2025.

  4. 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

  5. Update to section 5.1 - Contributions to reflect recent change to Common Financial Statement registration.

  6. Supporting document published on website

  7. Published on website

  8. Amended - PTD Protocol

  9. Amended

  10. First published

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