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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

7.4 Determining outlays in all cases

Outlays are determined by checking that each entry has supporting vouchers or an invoice verifying the cost incurred. In cases where no supporting documentation is provided an audit observation is raised asking the trustee to forward the required documentation.

A number of outlays are accepted as standard and do not need to be vouched:

  • statutory advertising fee
  • bordereau (if under £100)
  • stationery & postage – not required as this would be trustee writing a receipt for their own usage
  • travel
  • telephone/Fax
  • Register of Inhibitions
  • keeper’s registration fees
  • cost of realisations deducted at source

Generally any outlay not detailed above, requires to be vouched, although the Accountant is entitled to query any outlay claimed if required.

If the trustee is unable to provide an acceptable invoice or supporting voucher to satisfy AiB that the outlay is payable and the work was necessary and the cost of the outlay was reasonable for the work completed, AiB may issue a direction to the trustee, instructing him to either remove part, or the whole, of the cost as an outlay of the PTD.

The fee for work completed by a third party, on behalf of the trustee, prior to the date the trust deed was granted, may not be claimed as an outlay of a PTD.

The trustee may appeal an AiB direction to a sheriff, if they are unhappy with the direction that they have received.

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