Regulation 6 Statement of trustee and debtor

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

reg. 6 heading substituted by Protected Trust Deeds 2010 reg. 5(a)
reg. 6(1) substituted by Protected Trust Deeds 2010 reg. 5(b)
reg. 6(1A) inserted by Protected Trust Deeds 2010 reg. 5(c)
reg. 6(2)(a)(iii)(iv) words inserted by Protected Trust Deeds 2010 reg. 5(d)
reg. 6(3) inserted by Protected Trust Deeds 2010 reg. 5(e)

(1)

The trust deed must state that all the debtor’s estate (other than property listed in section 33(1) of the Act or which would be excluded from vesting in a trustee of a sequestrated estate under any other provision of that Act or other enactment) is conveyed to the trustee.

(2)

Prior to the debtor granting the trust deed–

(a)

the trustee must advise the debtor that granting the deed may result in–

(i)

the estate of the debtor being sequestrated;

(ii)

the debtor being refused credit, whether before or after the date of the debtor being discharged;

(iii)

the debtor not being able to remain in the debtor’s current place of residence;

(iv)

the debtor being required to relinquish property which the debtor owns;

(v)

the debtor requiring to make contributions from income for the benefit of creditors;

(vi)

damage to the debtor’s business interests and employment prospects; and

(vii)

the fact that the debtor has granted a trust deed becoming public information; and

(b)

the trustee must provide the debtor with a copy of a debt advice and information package referred to in section 10(5) of the Debt Arrangement and Attachment (Scotland) Act 2002^f1,

and the trustee and the debtor must sign a statement to the effect that the trustee has fulfilled the duties referred to in this regulation.

Annotations

Footnotes

f1: 2002 asp 17.