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Bankruptcy and Debt Advice (Scotland) Act 2014

Administration of estate

Section 16 – Vesting of estate after sequestration

33.This section amends section 31(5A) (about the reinvestment of non-vested contingent interests, such as an expectation to inherit under a will) and section 32(10) (the meaning of ‘relevant date’ for purposes of vesting etc.) of the 1985 Act. It extends the period for which acquirenda, i.e. property or rights acquired or received by the debtor after the date of sequestration (see section 12(4) of the 1985 Act), at present up to the debtor’s discharge, which would have vested in the trustee had it been part of the estate on the date of sequestration, transfers to the trustee for the benefit of creditors. It will under the Act fall to the trustee for up to 4 years from the date of sequestration. The same will apply to non-vested contingent interests, such as a legacy under a will, the right to which will reinvest in the debtor at the end of the same 4 year period.

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Text created by the Scottish Government to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Acts of the Scottish Parliament except those which result from Budget Bills.


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