The Protected Trust Deeds (Forms) (Scotland) Regulations 2016
In accordance with section 225(4)(a) of that Act, a draft of this instrument has been laid before and approved by resolution of the Scottish Parliament.
Citation, commencement and interpretation1.
(1)
These Regulations may be cited as the Protected Trust Deeds (Forms) (Scotland) Regulations 2016 and come into force on 30th November 2016.
(2)
In these Regulations “the Act” means the Bankruptcy (Scotland) Act 2016.
Forms2.
(1)
The forms set out in the schedule are prescribed for the purposes of the provisions of the Act referred to in the third column of the table in the schedule.
(2)
(3)
The definition of “the Common Financial Statement” in section 193 of the Act (interpretation of Part 14 of the Act: voluntary trust deeds for creditors) is repealed.
(4)
“(i)
a statement by the trustee, in the form prescribed for that purpose in the Protected Trust Deeds (Forms) (Scotland) Regulations 20163, 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”.
St Andrew’s House,
Edinburgh
SCHEDULEList of forms to be used in connection with protected trust deeds
Form | Purpose | Relevant provision of the Act |
|---|---|---|
1 | Notice in the register of insolvencies by trustee under a trust deed for the benefit of creditor | Section 169 |
1A | Consents required for exclusion of a secured creditor from a protected trust deed | Section 166(2)(b) and (c) |
1B | Agreement in respect of heritable property | Section 175 |
2 | Statement of claim by creditors in a trust deed | Section 170(1)(b) |
2A | Income and Expenditure | Section 170(1)(d)(ii) |
3 | Trust deed protection proposal and trustee’s application | Section 170(1)(e) and (i) and section 183(1)(a) and (b) |
4 | Trustee’s annual statement report on protected trust deed management | Section 181(2) |
4A | Employee’s payment instruction to employer | Section 174(2) |
4B | Trustee’s payment instruction to employer | Section 174(3) |
4C | Payment variation instruction to employer | Section 174(2) and (4) |
5 | Application for discharge of debtor | Section 184(1)(b) and (2)(a) |
6 | Application to creditors for discharge of the trustee of a protected trust deed | Section 186(2) and (3) |
7 | Trustee statement of realisation and distribution of estate under a protected trust deed | Section 186(8) and (9) |
These Regulations set out the forms to be used in relation to protected voluntary trust deeds entered into by debtors for the benefit of their creditors governed by Part 14 of the Bankruptcy (Scotland) Act 2016 (“the Act”).
The Regulations come into operation on 30th November 2016 and apply to those trust deeds executed on or after that date (in accordance with sections 162 and 234(3) of the Act).
Part 14 of the Act makes provision about how trust deeds become protected from action by creditors, the consequences of a trust deed being granted that status, the rights of creditors, the discharge of the debtor and trustee from the trust deed, and the administration of trust deeds.
Together with these regulations, that Part consolidates with modifications, the Protected Trust Deeds (Scotland) Regulations 2013 (S.S.I. 2013/318) as amended. The numbering of the forms used in those Regulations has been retained.
Regulation 2(2) and (3) correct an error in the Act and regulation 2(4) an omission from Form 3 in S.S.I. 2013/318.
Section 187 of the Act provides for the electronic delivery of notices or documents authorised or required under Part 14 of the Act in certain circumstances relevant to the forms set out in these Regulations.
A Business and Regulatory Impact Assessment has been prepared for these Regulations. Copies can be obtained from the Accountant in Bankruptcy’s website: http://www.aib.gov.uk.