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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

10.1 Discharge by creditors

The trustee is required to seek their discharge from creditors within 28 days of the final distribution under the PTD. The trustee applies to the creditors using Form 6 in the Protected Trust Deeds (Forms) (Scotland) Regulations 2016.  The final distribution date is considered to be date the estate is no longer under the control of the trustee, which may be the date any unclaimed funds are consigned to AiB (see section 9.7).

The trustee’s discharge depends on the consent (actual and deemed) of a majority in value of creditors within 14 days of the issue of Form 6.

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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