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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

10.7 Payment to creditors and consignation of funds

It is expected that the trustee will make all efforts to ensure that monies are accepted by the creditors before consigning funds. There is no statutory requirement for the trustee to obtain a Form of Receipt back from a creditor prior to payment of a dividend. Funds should not be consigned for this reason if the trustee has a creditor’s details from their claim form and a dividend payment can be sent to the creditor’s last known address.

Prior to the trustee obtaining their discharge any unclaimed dividend must be consigned with the Accountant under Section 135(2) of the 2016 Act. 

A certified list of the dividends being consigned should be sent with a cheque made payable to Accountant in Bankruptcy. In either case, a fee will be payable to the Accountant for each consignation lodged with him. This fee will be deducted from the consigned dividend unless otherwise notified. The relevant fee can be found in the Bankruptcy Fees (Scotland) Regulations 1993, as amended.

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