PART 1

Application or petition for sequestration

Applications and petitions

Qualified creditor and qualified creditors
7
1
In this Act—
- “qualified creditor” means a creditor who, at the date of the presentation of the petition, or as the case may be at the date the debtor application is made, is a creditor of the debtor in respect of relevant debts which amount (or of one such debt which amounts) to not less than £3,000 £10,000 or such sum as may be prescribed, and
- “qualified creditors” means creditors who, at the date in question, are creditors of the debtor in respect of relevant debts which amount in aggregate to not less than £3,000 £10,000 or such sum as may be prescribed.
2
In the definitions of “qualified creditor” and “qualified creditors” in subsection (1) “relevant debts” means liquid or illiquid debts (other than contingent or future debts or amounts payable under a confiscation order) whether secured or unsecured.
3
In subsection (2), “confiscation order” means a confiscation order under Part 2, 3 or 4 of the Proceeds of Crime Act 2002.
4
Paragraphs 1(1) and (3), 2(1)(a) and (2) and 5 of schedule 2 apply in order to ascertain the amount of the debt or debts for the purposes of subsection (1) as those paragraphs apply in order to ascertain the amount which a creditor is entitled to claim but as if for any reference to the date of sequestration there were substituted a reference to the date of the presentation of the petition or, as the case may be, the date the debtor application is made.
S. 7 in force at 30.11.2016 by S.S.I. 2016/294, reg. 2
Sum in s. 7(1) substituted (temp.) (27.5.2020) by virtue of Coronavirus (Scotland) (No.2) Act 2020 (asp 10), s. 16(1), sch. 1 para. 10(2)(a) (with s. 9) (which affecting provision expires (1.10.2022) by virtue of the Coronavirus (Scotland) (No.2) Act 2020 (asp 10), s. 9(1))
Sum in s. 7(1) substituted (temp.) (27.5.2020) by virtue of Coronavirus (Scotland) (No.2) Act 2020 (asp 10), s. 16(1), sch. 1 para. 10(2)(b) (with s. 9) (which affecting provision expires (1.10.2022) by virtue of the Coronavirus (Scotland) (No.2) Act 2020 (asp 10), s. 9(1))