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Accountant in Bankruptcy
Publication - Notes for Guidance

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

First published
30 November 2016
Last updated
12 May 2025 - 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

2.2 Initial contact

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
First published
Wednesday, 30 November 2016
Last updated
Monday, 12 May 2025 -
All updates

  1. Section 8.5 - typographical error updated

  2. changes made to section 2 to reflect the policy changes from 20 January 2025.

  3. amendment to section 6.8 Increasing the trustee’s fixed fee.

  4. addition of section 2.5 - Trust deed information leaflet and adequate time, effective from 20 January 2025.

  5. 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

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

  7. Supporting document published on website

  8. Published on website

  9. Amended - PTD Protocol

  10. Amended

  11. First published

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