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

The trustee must ensure that:

• the debtor is interviewed, either in person or by telephone, by the insolvency practitioner or by a suitably experienced member of their staff, before the debtor grants the trust deed
• the debtor understands that the insolvency practitioner must maintain their independence and that there is a difference between the services provided in providing initial advice and the responsibilities as a trustee
• the debtor understands that a trust deed is an insolvency procedure
• the debtor understands that they must disclose full information about all their assets and financial circumstances
• a trust deed is an appropriate debt relief option in the debtor’s circumstances
• the debtor understands that they may lose their home if they an owner occupier
• the debtor understands that a trust deed must be administered for the benefit of creditors