PART 14

Voluntary trust deeds for creditors

Registration for protected status

Registration for protected status
171
1
As soon as reasonably practicable after the expiry of the relevant period (and in any event within 4 weeks after that expiry), the trustee must send to AiB for registration in the register of insolvencies—
a
a copy of the trust deed,
b
either—
i
a copy of every form of agreement obtained by virtue of section 166(2)(c), or
ii
a statement by the trustee that no such form of agreement has been obtained,
c
a statement by the trustee that those creditors, if any, who have objected in writing to the trust deed during the relevant period do not constitute a majority in number, or ⅓ or more in value, of the creditors,
d
a copy of the statement referred to in section 167(3)(c),
e
a copy of the statement referred to in section 170(1)(d),
f
a copy of any agreement referred to in section 175(1),
g
a statement, in the form prescribed for the purposes of section 170(1)(e), of the trustee's anticipated realisations from the trust deed,
h
where the debtor, being a living individual, makes a contribution from income—
i
a statement that the amount of the contribution is in accordance with the common financial tool as assessed by the trustee, and
ii
any evidence or explanation required in applying the common financial tool
i
a statement by the trustee, in the form prescribed for that purpose in the Protected Trust Deeds (Forms) (Scotland) Regulations 2016
, that—
i
the documents and statements required under paragraphs (a) to (h) of this subsection accompany the statement, and
ii
the conditions set out in sections 164 to 170 have been met.
2
AiB must register the trust deed in the register of insolvencies if—
a
AiB has received all the documents required to be sent under subsection (1),
b
the conditions set out in sections 164 to 170 have been met, and
c
AiB is satisfied, in accordance with the common financial tool, with the amount of the contribution determined.
3
Subsection (4) applies where AiB notifies the trustee either—
a
that the trust deed is registered in the register of insolvencies, or
b
that such registration is refused.
4
The trustee must, within 7 days after being so notified, notify the debtor and every creditor known to the trustee that the trust deed is so registered or refused.
S. 171(1)(i) inserted (30.11.2016) by S.S.I 2016/398, reg. 2(4)
S. 171 in force at 30.11.2016 by S.S.I. 2016/294, reg. 2