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Accountant in Bankruptcy

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Publication - Notes for Guidance

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

Supporting documents

1.3 Protected trust deeds

A trust deed that meets specified conditions set out in section 2 and section 3 of these notes may be protected. A PTD is binding on all creditors. However, a creditor who was not notified of the trust deed or who objected to the terms of the deed within the 5 week notification period can petition for the debtor’s sequestration at any point within the 5 week period the sheriff may award sequestration if this is deemed to be in the best interests of creditors. The petition can be lodged at any time if the creditor avers that the provision for the distribution of the estate is prejudicial to him or any class of creditor. The sheriff may award sequestration in these circumstances if the sheriff considers that the creditor’s averment is correct.

The rules governing PTDs granted on and after 30 November 2016 are set out in the Bankruptcy (Scotland) Act 2016.

The previous provisions continue to apply to any trust deed granted before 30 November 2016. 

First published
Wednesday, 30 November 2016
Last updated
Thursday, 27 June 2024 -
All updates

  1. 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

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

  3. Supporting document published on website

  4. Published on website

  5. Amended - PTD Protocol

  6. Amended

  7. First published

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