Supervision Standard – Summer 2024

Final accounts after Schemes of Division

AiB would expect a final account to be submitted within six months of the Scheme of Division account.

Trustees must pay creditors their dividends on the expiry of the eight week appeal period as per Section 135(1)(a) of the Bankruptcy (Scotland) Act 2016.

The next account should therefore be accelerated to submit a final account and bring the case to a close. 

The accounts or supervision teams may chase accounts not received within this timeframe. 

Final account – debtor not discharged

Trustees are reminded not to submit a final account if the debtor remains undischarged.

Any subsequent accounting periods with minimal transactions in these cases should be extended until all outstanding administrative matters have been concluded.

Consigned funds

Please ensure a consignation form is completed and sent to our finance team for any funds being consigned.

This will allow the team to identify which case the funds relate to and will ensure that consigned funds are processed quickly and correctly to allow the trustee to apply for their discharge timeously.

A Dear Trustee letter was issued on 10 July 2024, reminding trustees that all invoice payments and consignation deposits should be made by secure BACS transfer method only. 

The revised consignation form must be used and sufficient information provided.

Failure to meet these requirements may result in funds being returned.

Please contact the finance team if you have any queries.