Regulation 8 Amendment of the Protected Trust Deeds (Scotland) Regulations 2008

In regulation 11 (effect of protected status), after paragraph (2) insert—

“(3)

Where a secured creditor has consented to be excluded from a trust deed in terms of regulation 5A(c) and the trust deed becomes protected, that creditor is not entitled—

(a)

to make a claim under the protected trust deed in respect of any of the debt in respect of which the security is held;

(b)

to do diligence against the assets conveyed to the trustee under the protected trust deed; nor

(c)

to petition for the sequestration of the debtor during the subsistence of the protected trust deed.”.