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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

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
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