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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

3.4 Registration of the trust deed

As soon as reasonably practical after the end of the period of five weeks from the date of publication in the ROI and in any event no later than 4 weeks after the expiry of the relevant period, the trustee must send to AiB –

  • a copy of the trust deed (signed, witnessed and dated)
  • a copy of any agreement obtained regarding the exclusion of a secured lender and a copy of Form 1A from each secured creditor or a statement to the fact no such agreement has been obtained, as referred to in section 2.8
  • a statement by the trustee that any creditor objections received in writing do not constitute a majority in number or one third or more in value
  • a copy of the statement of the debtor’s affairs sent to creditors and referred to in section 3.2 section 170(1)(d) of the 2016 Act
  • a copy of the joint statement referred to in section 2.4 section 167(3)(c) of the 2016 Act
  • a copy of any agreement on property referred to in section 2.9 (Form 1B) section 175(1) of the 2016 Act
  • the statement of anticipated realisations and application for registration in the register of insolvencies, Part 1 and Part 2 to Form 3 in the Schedule to the Protected Trust Deeds (Forms) (Scotland) Regulations 2016
  • a statement that the trustee has assessed the debtor’s expenditure against the trigger figures published as part of the Common Financial Statement, to include an explanation if the trigger figures have been exceeded
  • the trust deed will not be protected if it is not presented to AiB for protection within the statutory four week period. If the trust deed is not protected for any reason, and the trustee wishes the trust deed to be protected. They may apply to the sheriff for a direction to re-submit a Form 1 to the AiB for publication in the ROI
  • re-present the trust deed for protection within four weeks following the end of the five week relevant period

If a trust deed is presented for a second time, as a result of an action, or inaction, of the trustee, the cost of re-presenting the trust deed may not be paid out of funds held in the trust deed estate without a direction being sought from the sheriff in accordance with Section 189 of the 2016 Act.

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