Section 7 Scottish trustsI1

United Kingdom

(1)

A trustee of a Scottish trust is, in respect of a liability of that trustee that falls to be met out of the trust estate, a relevant person if—

(a)

an award of sequestration has been made F1by virtue of section 6 of the Bankruptcy (Scotland) Act 2016 in respect of the trust estate, and the trust has not been discharged under that Act, F2or

(b)

a protected trust deed within the meaning of that Act is in force in respect of the trust estate, F3...

(c)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2)

Where an award of sequestration made F4by virtue of section 6 of the Bankruptcy (Scotland) Act 2016 is recalled or reduced any rights which were transferred under section 1 as a result of that award are re-transferred to and vest in the person who became a relevant person as a result of the award.

F5(3)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4)

In this section “Scottish trust” means a trust the estate of which may be sequestrated F6by virtue of section 6 of the Bankruptcy (Scotland) Act 2016.

Annotations

Textual amendments

F1: Words in s. 7(1)(a) substituted (30.11.2016) by The Bankruptcy (Scotland) Act 2016 (Consequential Provisions and Modifications) Order 2016 (S.I. 2016/1034), art. 1, Sch. 1 para. 35(5)(a)(i)
F2: Word in s. 7(1)(a) inserted (30.11.2016) by The Bankruptcy (Scotland) Act 2016 (Consequential Provisions and Modifications) Order 2016 (S.I. 2016/1034), art. 1, Sch. 1 para. 35(5)(a)(ii)
F3: S. 7(1)(c) and word omitted (30.11.2016) by virtue of The Bankruptcy (Scotland) Act 2016 (Consequential Provisions and Modifications) Order 2016 (S.I. 2016/1034), art. 1, Sch. 1 para. 35(5)(a)(iii)
F4: Words in s. 7(2) substituted (30.11.2016) by The Bankruptcy (Scotland) Act 2016 (Consequential Provisions and Modifications) Order 2016 (S.I. 2016/1034), art. 1, Sch. 1 para. 35(5)(b)
F5: S. 7(3) omitted (30.11.2016) by virtue of The Bankruptcy (Scotland) Act 2016 (Consequential Provisions and Modifications) Order 2016 (S.I. 2016/1034), art. 1, Sch. 1 para. 35(5)(c)
F6: Words in s. 7(4) substituted (30.11.2016) by The Bankruptcy (Scotland) Act 2016 (Consequential Provisions and Modifications) Order 2016 (S.I. 2016/1034), art. 1, Sch. 1 para. 35(5)(d)

Commencement

I1: S. 7 in force at 1.8.2016 by S.I. 2016/550, art. 2