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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

8.1 Information and documents

The Accountant has a statutory duty to supervise the actions of a trustee of a PTD and therefore, may challenge the performance and actions of a trustee if does not consider these have been completed in accordance with the legislation or guidance.

When AiB receives a request to audit a PTD, the Accountant may complete a review of the administration of the PTD at the same time.

In support of their supervision function, AiB may require the trustee to provide information or copies of documents relating to the administration of the PTD. AiB may require the trustee to keep such records as considered necessary to investigate the administration of a PTD.

Whether the trustee is still acting in a PTD or not, the trustee must supply the Accountant with such information as may be requested in order to allow the Accountant to complete their duty to supervise the actions of the trustee. Section 180(2) of the Act refers.

If the trustee fails, without a reasonable excuse, to provide information requested by the Accountant, the matter can be reported to a sheriff who can censure the trustee and make any other order as they deem is appropriate. Section 180(3) of the Act refers.

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