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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
12 May 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

9.7 Effect of discharge

Once On discharge from the PTD, the debtor will be discharged from any outstanding debts and obligations for which they were liable at the date that they granted the trust deed. There are some important exceptions to this rule.

A PTD does not discharge a debtor from the following kinds of debt:

  • fines, penalties, compensation and forfeiture orders imposed by any court
  • any liability due to fraud
  • student loans (Section 185(2) of the Act refers)
  • money owed to someone who holds a security on their property, such as a mortgage or secured loan, including a security held where the secured creditors have consented in terms of section 166(2)(c) of the 2016 Act
  • secured debt
  • any liability arising after the date on which the trust deed was granted
First published
Wednesday, 30 November 2016
Last updated
Monday, 12 May 2025 -
All updates

  1. Section 8.5 - typographical error updated

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

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

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

  5. 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

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

  7. Supporting document published on website

  8. Published on website

  9. Amended - PTD Protocol

  10. Amended

  11. First published

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