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Bankruptcy (Scotland) Act 2016
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- Acts of the Scottish Parliament
- 2016 asp 21
- SCHEDULE 2
- Secured debts
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Bankruptcy (Scotland) Act 2016, Cross Heading: Secured debts is up to date with all changes known to be in force on or before 29 March 2023. 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.
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Changes and effects yet to be applied to the whole Act associated Parts and Chapters:
Whole provisions yet to be inserted into this Act (including any effects on those provisions):
- s. 78(2)(a) words in s. 78(2) renumbered as s. 78(2)(a) by 2019 asp 4 s. 7(2)(a)
- s. 78(2)(b) and word inserted by 2019 asp 4 s. 7(2)(b)
Secured debtsS
4(1)A secured creditor, in calculating the amount of the secured creditor's claim, must deduct the value of any security as estimated by the secured creditor.S
(2)But if the secured creditor surrenders, or undertakes in writing to surrender, a security for the benefit of the debtor's estate, the secured creditor is not required to make a deduction of the value of that security.
(3)The trustee in the sequestration may, at any time after the expiry of 12 weeks after the date of sequestration, require the secured creditor, at the expense of the debtor's estate, to discharge the security or convey or assign it to the trustee on payment to the creditor of the value specified by the creditor.
(4)The amount in respect of which the creditor is then entitled to claim is any balance of the creditor's debt remaining after receipt of the payment.
(5)A creditor whose security has been realised, in calculating the amount of the creditor's claim, must deduct the amount (less the expenses of realisation) which the creditor has received, or is entitled to receive, from the realisation.
Commencement Information
I1Sch. 2 para. 4 in force at 30.11.2016 by S.S.I. 2016/294, reg. 2
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