# Debtors (Scotland) Act 1987, Section 12: Sequestration and insolvency.


(1) While a time to pay direction or a time to pay order is in effect, the creditor shall not be entitled to found on the debt concerned in presenting, or in concurring in the presentation of, a petition for the sequestration of the debtor’s estate.
(2) A time to pay direction or a time to pay order shall cease to have effect—
(a) on the granting of an award of sequestration of the debtor’s estate;
(b) on the granting by the debtor of a voluntary trust deed whereby his estate is conveyed to a trustee for the benefit of his creditors generally; or
(c) on the entering by the debtor into a composition contract with his creditors.

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Source: https://www.legislation.gov.uk/ukpga/1987/18/section/12 (the official version)
Page: https://openlegislation.uk/debtors-scotland-act-1987/section-12
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.