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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


2.6 Liabilities

The debtor must provide information about their debts. Prior to the trust deed being granted, the trustee is required to take reasonable steps to assess the debtor’s current total liability and confirm they exceed £5,000. The trustee should also obtain the contact details of all creditors prior to the initial circular being issued to creditors.

Debtors should be advised that they must disclose details of all their creditors and that a notice will be recorded in the public Register of Insolvencies (ROI), which brings the trust deed to the attention of any other creditors. The debtor should be advised that any member of the public will be able to view these details.

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