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Accountant in Bankruptcy

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Publication - Notes for Guidance

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

First published
30 November 2016
Last updated
27 June 2024 - 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

2.5 Trust deed information document and adequate time

Before a trust deed is granted the insolvency practitioner must provide the debtor with the trust deed information document which is referred to in Section 10 of the Bankruptcy and Diligence (Scotland) Act 2024 (Commencement No.1, Transitional and Saving Provisions) Regulations 2024, effective for trust deeds granted on or after 20 January 2025. 

Adequate time must be given for the debtor to consider their options, the advice given and read the information packages. The Accountant considers the appropriate adequate time to be 3 days following the day that the advice was given.

First published
Wednesday, 30 November 2016
Last updated
Thursday, 27 June 2024 -
All updates

  1. 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

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

  3. Supporting document published on website

  4. Published on website

  5. Amended - PTD Protocol

  6. Amended

  7. First published

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