Regulation 11 Registration of the trust deed etc.I1

Scotland

(1)

As soon as reasonably practicable after the expiry of the relevant period (and in any event no later than 4 weeks after that expiry), the trustee must send to the Accountant for registration in the register of insolvencies—

(a)

a copy of the trust deed;

(b)

either—

(i)

a copy of every form of agreement obtained by virtue of regulation 6(c); or

(ii)

a statement by the trustee that no such form of agreement has been obtained;

(c)

a statement by the trustee that those creditors, if any, who have objected in writing to the trust deed during the relevant period do not constitute a majority in number, or one third or more in value, of the creditors;

(d)

a copy of the statement referred to in regulation 7(3)(c);

(e)

a copy of the statement referred to in regulation 10(1)(d);

(f)

a copy of any agreement in Form 1B referred to in regulation 15(2);

(g)

a statement in the form of Form 3; and

F1(h)

where a debtor who is a living individual makes a contribution from income,—

(i)

a statement that the amount of that contribution is in accordance with the common financial tool as assessed by the trustee; and

(ii)

any evidence or explanation required in applying the common financial tool.

(2)

The Accountant must register the trust deed in the register of insolvencies if—

(a)

the Accountant has received all the documents required to be sent under paragraph (1);

(b)

the conditions set out in regulations 4 to 10 have been met; and

F2(c)

the Accountant is satisfied in accordance with the common financial tool with the amount of the contribution determined.

(3)

The trustee must notify the debtor and every creditor known to the trustee of the registration of the trust deed in the register of insolvencies or the refusal by the Accountant to so register the trust deed by no later than 7 days after receipt of the notification of the same by the Accountant.

Annotations

Textual amendments

F1: Reg. 11(1)(h) substituted (1.4.2015) by The Common Financial Tool etc. (Scotland) Regulations 2014 (S.S.I. 2014/290), regs. 1, 7(5) (with reg. 11) (as amended by The Common Financial Tool etc. (Scotland) Amendment Regulations 2015 (S.S.I. 2015/149), regs. 1, 4(5))
F2: Reg. 11(2)(c) substituted (1.4.2015) by The Common Financial Tool etc. (Scotland) Regulations 2014 (S.S.I. 2014/290), regs. 1, 7(6) (with reg. 11)

Commencement

I1: Reg. 11 in force at 28.11.2013, see reg. 1