Regulation 17 Sequestration petition by qualified creditor

(1)

A qualified creditor who is not a notified creditor, or who has notified the trustee of objection to the trust deed within the relevant period, may present a petition to the sheriff for sequestration of the debtor’s estate—

(a)

not later than 5 weeks after the date of registration of the notice under regulation 9; or

(b)

at any time if the creditor avers that the provision for distribution of the estate is, or is likely to be, unduly prejudicial to a creditor or class of creditors.

(2)

Paragraph (1)(b) is subject to section 8(1)(b) of the Act.

(3)

The sheriff may award sequestration in pursuance of—

(a)

paragraph (1)(a), only if satisfied that to do so would be in the best interests of the creditors; and

(b)

paragraph (1)(b), only if satisfied that the creditor’s averment is correct.