PART 4

Trustees and commissioners

Replacement trustees

Accountant in Bankruptcy's intromissions in capacity of original trustee
64
1
This section applies where AiB was the original trustee and some other person is appointed as replacement trustee under section 60.
2
On the appointment of the replacement trustee AiB—
a
must hand over to that person everything in AiB's possession—
i
which relates to the sequestration, and
ii
which AiB obtained in the capacity of original trustee (including the statement of assets and liabilities), and
b
on that being done, must cease to act as trustee.
3
AiB must, within 3 months after the appointment of the replacement trustee, supply to that person—
a
AiB's accounts of AiB's intromissions (if any) as original trustee with the debtor's estate,
b
a determination of AiB's fees and outlays calculated in accordance with regulations under section 205, and
c
a copy of the notice mentioned in subsection (4)(b).
4
AiB must send to the debtor and to all creditors known to AiB—
a
a copy of the determination mentioned in subsection (3)(b), and
b
a notice in writing stating—
i
that AiB has commenced procedure under this Act leading to discharge in respect of AiB's actings as trustee,
ii
that the accounts of AiB's intromissions (if any) with the debtor's estate are available for inspection at such address as AiB may determine,
iii
that an application for a review may be made under subsection (5),
iv
that an appeal may be made to the sheriff under subsection (8), and
v
the effect of subsections (10) and (11).
5
The replacement trustee, the debtor or any creditor may apply to AiB for a review of the discharge of AiB in respect of AiB's actings as trustee.
6
Any application under subsection (5) must be made within 14 days beginning with the day on which notice is sent under subsection (4)(b).
7
If an application under subsection (5) is made, AiB must—
a
take into account any representations made by an interested person within 21 days beginning with the day on which the application is made, and
b
confirm or revoke the discharge within 28 days beginning with that day.
8
The replacement trustee, the debtor or any creditor may appeal to the sheriff within 14 days beginning with—
a
the day on which notice is sent under subsection (4)(b), against the determination mentioned in subsection (3)(b), or
b
the day of a decision of AiB under subsection (7)(b), against that decision.
9
The decision of the sheriff on an appeal under subsection (8) is final.
10
Subsection (11) applies where—
a
the requirements of this section have been complied with, and
b
either no appeal is made under subsection (8) or any such appeal is refused as regards the discharge of AiB.
11
AiB is discharged from all liability (other than liability arising from fraud) to the creditors or to the debtor in respect of any act or omission of AiB in exercising the functions of trustee in the sequestration.
S. 64 in force at 30.11.2016 by S.S.I. 2016/294, reg. 2