# The Common Financial Tool etc. (Scotland) Regulations 2014, Regulation 8: Administration


(1) After regulation 21(2) (administration of trust), insert—
“(2A) If the trustee receives within 21 days after the date on which the Form 4 was sent notification in writing from—
(a) a majority in number; or
(b) not less than one third in value, of creditors that they object to the recommended course of action in the Form 4 where the expected final dividend to ordinary creditors is 20% lower than the expected dividend to ordinary creditors set out in the Form 3, the trustee must request a direction under regulation 19(3) as to how the trust must be administered.”.
(2) In regulation 23(3)(a) (approval of increase in fixed fee), for “majority in number” substitute “majority in value”.
(3) In regulation 24(8) (refusal of trustee to apply for debtor’s discharge), for “at the end of the period of 48 months beginning with the day on which the trust deed was granted” substitute “as soon as reasonably practicable after the end of the period for which payments are required under the trust deed”.

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Source: https://www.legislation.gov.uk/sdsi/2014/9780111024348/regulation/8 (the official version)
Page: https://openlegislation.uk/draft-common-financial-tool-etc-scotland-regulations-2014/regulation-8
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.