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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


5.7 Fee payable to the trustee

The trustee of a PTD is entitled to a fixed fee for the full administration of a PTD and an additional fee, based upon a percentage of the total assets and contributions that the trustee has realised during the period of the PTD. Section 183 of the Act refers.

The amount of the fixed fee and the percentage figure, upon which the additional fee will be calculated, must be recorded on Form 3, Part 1 and circulated to creditors during the relevant five week period and then submitted to AiB, with Part 2 of Form 3, when the trust deed is presented for protection.

The trustee may claim as an outlay of the PTD, any audit fee charged by the Accountant during the administration of the PTD.

The trustee may not claim as an outlay of a PTD, the cost of any work undertaken prior to the granting of the trust deed irrespective of when the invoice for this work is submitted to the trustee. Any debt due to a third party for such work does not rank higher than any other creditor’s in the PTD.

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