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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

4.5 Sequestration petition - qualified creditors

A creditor who notifies the trustee of their objection to the trust deed becoming protected before the end of the relevant period (see section 3.3), or a creditor who has not been notified about the trust deed may, during the relevant period, petition a sheriff for the debtor to be made bankrupt.

A creditor who has objected to the terms of the trust deed can petition for bankruptcy after this, only if they aver that the provision for distribution of the estate is or is likely to be unduly prejudicial to a creditor or class of creditors, or if the trustee refuses to discharge the debtor under the trust deed.

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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