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Trust Deeds ( Scotland Only)
The law that applies to debts in Scotland is a little different to the law that applies in England and Wales.
Scottish Trust Deeds
A Scottish Trust Deed is a legal agreement in which you transfer your property to a Trustee for the benefit of your creditors. The Trustee manages your property in line with the Trust Deed. This is less formal than sequestration. It encourages creditors to accept less than 1p in the £1 and may allow you to keep your home if you can pay nearly all your debts in full.
The main disadvantage is that creditors who do not accept it are not bound by it. They can wait for the other creditors to grant a discharge and then come after your remaining property. A Protected Trust Deed may be more useful. In creditor petitions, as in the case of debtor petitions, the Accountant in Bankruptcy will automatically be appointed Interim Trustee unless the creditor nominates another person.
A Scottish Protected Trust Deed
The Trust Deed will automatically become protected unless a majority in number, or not less than one-third in value of creditors objects in writing, within five weeks of publication of a Statutory Notice in the Edinburgh Gazette. Creditors who have not objected are treated as agreeing. Objecting creditors are treated as non-acceding creditors (this gives them some limited rights to apply to the court for sequestration if they can show unfair treatment).
Trust Deeds Scotland - Information and Advice
For free advice on Trust Deeds or a Protected Trust Deed call us today on 0800 028 4422 or simply fill in our "call me back form" on this page and we will call you it couldn't be easier.
Our UK debt helpline is open 9am - 9pm 7 days a week.
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