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Accountant in Bankruptcy

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Publication - Notes for Guidance

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

First published
30 November 2016
Last updated
27 June 2024 - 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

8.5 Reports and offences

The supervisory function of the Accountant in relation to PTDs, subsection (1) of section 200 of the 2016 Act, extends the powers contained in subsections (4) and (5) of that section to trustees under PTDs.

Trustees have a statutory duty to complete and submit the PTD Forms and pay to the Accountant the PTD Supervision Fee. The Accountant will inform a trustee if they are late in submitting a Form, or have not paid the PTD Supervision Fee.

If it appears to AiB that a trustee under a PTD has failed without reasonable excuse to perform a duty under the 2016 Act or any other provision, the matter may be reported to a sheriff. A sheriff may call a hearing and remove the trustee from office or censure them or make any other order as appropriate.

If the Accountant has reasonable grounds to suspect that the trustee under a PTD has committed an offence, she may report the matter to the Lord Advocate.

First published
Wednesday, 30 November 2016
Last updated
Thursday, 27 June 2024 -
All updates

  1. 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

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

  3. Supporting document published on website

  4. Published on website

  5. Amended - PTD Protocol

  6. Amended

  7. First published

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