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Sequestration

Sequestration is the Scottish term for Bankruptcy. You can apply for your own bankruptcy through the Accountant in Bankruptcy, if you meet the set criteria. Creditors can also petition for your bankruptcy, however this is done through the court.

When you are bankrupt, a Trustee is appointed to look after your financial affairs. In doing so, the Trustee will deal with your creditors, who will no longer be able to pursue you for the debts incurred up until the date of bankruptcy. When applying for bankruptcy, you can nominate a Trustee of your choice, as long as it has been agreed with the Trustee prior to your application.

The Trustee is required to realise assets for the benefit of your creditors, although some assets are exempt. The Trustee will also work out a budget with you to cover normal living costs. If you have a surplus, you will be asked to make a weekly/monthly contribution.

You must co-operate with your Trustee during your bankruptcy, and inform them of any changes in your circumstances.

At the end of your Sequestration any remaining balances to creditors are written off, and you cannot be pursued for them. There are a few exceptions: student loans and fines.

Contact us now to see if sequestration is right for you.

 
 
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