New provisions for protected trust deeds in Scotland - .PDF file.
By Andrew Foyle
Under a protected trust deed (PTD), a debtor in Scotland can — as an alternative to formal bankruptcy — put his estate in the hands of a trustee for a fixed period so it can be administered for the benefit of his creditors.
In return, the debtor is protected from enforcement action by his creditors and is absolved of his debts at the end of the process.
In recent years, there have been concerns about how PTDs operate in Scotland, and reform of PTDs has been widely discussed in the context of overall bankruptcy reform…
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