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Accountant in Bankruptcy
Publication - Notes for Guidance

Notes for Guidance - Protected Trust Deeds - Bankruptcy (Scotland) Act 2016

First published
30 November 2016
Last updated
15 January 2025 - 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

6.7 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.

First published
Wednesday, 30 November 2016
Last updated
Wednesday, 15 January 2025 -
All updates

  1. changes made to section 2 to reflect the policy changes from 20 January 2025.

  2. amendment to section 6.8 Increasing the trustee’s fixed fee.

  3. addition of section 2.5 - Trust deed information leaflet and adequate time, effective from 20 January 2025.

  4. 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

  5. Update to section 5.1 - Contributions to reflect recent change to Common Financial Statement registration.

  6. Supporting document published on website

  7. Published on website

  8. Amended - PTD Protocol

  9. Amended

  10. First published

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