Bankruptcy and Diligence etc. (Scotland) Act 2007

20 Modification of provisions relating to protected trust deeds S

(1) For paragraphs 5 to 13 of Schedule 5 to the 1985 Act (protected trust deeds) substitute—

“5 (1) The Scottish Ministers may by regulations make provision as to—

(a) the conditions which require to be fulfilled in order for a trust deed to be granted the status of a protected trust deed;

(b) the consequences of a trust deed being granted that status;

(c) the rights of any creditor who does not accede to a trust deed which is granted protected status;

(d) the extent to which a debtor may be discharged, by virtue of a protected trust deed, from his liabilities or from such liabilities or class of liabilities as may be prescribed in the regulations;

(e) the circumstances in which a debtor may bring to an end the operation of a trust deed in respect of which the conditions provided for under sub-paragraph (a) above are not fulfilled;

(f) the administration of the trust under a protected trust deed (including provision about the remuneration payable to the trustee).

(2) Regulations under this paragraph may—

(a) make provision enabling applications to be made to the court;

(b) contain such amendments of this Act as appear to the Scottish Ministers to be necessary in consequence of any other provision of the regulations.”.

(2) In section 73(1) of that Act (interpretation), for the definition of “protected trust deed” substitute—

““protected trust deed” means a trust deed which has been granted protected status in accordance with regulations made under paragraph 5 of Schedule 5 to this Act;”.