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

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

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.

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