{
  "url": "https://openlegislation.uk/draft-protected-trust-deeds-scotland-regulations-2013/regulation-12",
  "json_url": "https://openlegislation.uk/draft-protected-trust-deeds-scotland-regulations-2013/regulation-12.json",
  "legislation": "sdsi/2013/9780111021569",
  "legislation_title": "The Protected Trust Deeds (Scotland) Regulations 2013",
  "legislation_url": "https://openlegislation.uk/draft-protected-trust-deeds-scotland-regulations-2013",
  "path": "regulation/12",
  "kind": "regulation",
  "number": "12",
  "heading": "Effect of protected status",
  "text": "(1) Where a trust deed has become a protected trust deed then—\n(a) subject to regulation 17, a creditor who (either or both)—\n(i) is not a notified creditor; or\n(ii) notified the trustee of objection to the trust deed during the relevant period,\nhas no higher right to recover the debt than a creditor who has acceded to, or been deemed by virtue of regulation 10(2) to have acceded to, the trust deed; and\n(b) an application for sequestration of the debtor’s estate may not be made by the debtor while the trust deed subsists.\n(2) A creditor ceases to be deemed to have acceded to a trust deed in terms of regulation 10(2) if the trustee refuses a request by the debtor to apply to the Accountant for discharge in terms of regulation 24(8).\n(3) Where a secured creditor’s agreement has been obtained under regulation 6(c) and the trust deed becomes a protected trust deed, that creditor is not entitled—\n(a) to make a claim under the protected trust deed for any of the debt in respect of which the security is held;\n(b) to do diligence against the assets conveyed to the trustee under the protected trust deed; or\n(c) to petition for the sequestration of the debtor during the subsistence of the protected trust deed.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/sdsi/2013/9780111021569/regulation/12",
    "retrieved_at": "2026-10-30T15:36:03.110765+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}