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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

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.

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