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Bankruptcy (Scotland) Act 2016

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Bankruptcy (Scotland) Act 2016, Section 14A is up to date with all changes known to be in force on or before 17 November 2019. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

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[F114AMain proceedings in Scotland: undertaking by trustee in respect of assets in another EU member StateS

(1)This section applies where a trustee in sequestration or acting under a protected trust deed in main proceedings proposes to give an undertaking under Article 36 of the EU insolvency proceedings regulation in respect of assets located in another member State.

(2)In addition to the requirements as to form and content set out in Article 36 the proposed undertaking must contain—

(a)the heading “Proposed Undertaking under Article 36 of the EU Insolvency Regulation (2015/848)”,

(b)identification details for the main proceedings,

(c)identification and contact details for the trustee, and

(d)a description of the effect of the undertaking if approved.

(3)The proposed undertaking must be delivered to all local creditors in the member State concerned of whose address the trustee is aware.

(4)Where the undertaking is rejected the trustee must inform every creditor known to the trustee of the rejection of the undertaking as soon as reasonably practicable.

(5)Where the undertaking is approved the trustee must as soon as reasonably practicable send a copy of the undertaking to every creditor known to the trustee with a notice—

(a)informing them of the approval of the undertaking, and

(b)describing its effect (so far as they have not already been given this information under subsection (2)(d)).

(6)The trustee may advertise details of the undertaking in the other member State in such manner as the trustee thinks fit.]

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