The following Restructuring & Insolvency practice note produced in partnership with James Lloyd of Harper Macleod LLP provides comprehensive and up to date legal information covering:
For the impact of Brexit on Scottish procedures, see Practice Note: Table showing impact of Brexit on jurisdiction to commence insolvency/restructuring proceedings and obtain recognition in other EU Member States.
Sequestration in Scotland is the legal process by which an insolvent debtor’s estate is gathered in, realised and then distributed among their creditors by a trustee appointed for that purpose. The process requires that a formal award of sequestration is made, sequestrating the debtor’s estate and appointing a trustee. This Practice Note considers the process by which that award of sequestration is made. For a glossary of commonly used Scottish insolvency terms, see Practice Note: Glossary of Scottish insolvency words and expressions.
Unless otherwise stated, all references are to the Bankruptcy (Scotland) Act 2016 (Ba(S)A 2016).
This content is affected by the coronavirus (COVID-19) pandemic. For further details, take a look at our Coronavirus (COVID-19) toolkit. For related news, guidance and other resources to assist practitioners working on restructuring and insolvency matters, see: Coronavirus (COVID-19)—Restructuring & Insolvency—overview and News Analysis: The Coronavirus (Scotland) (No 2) Bill—impact on restructuring and insolvency.
An application for the sequestration of a living debtor may be made by the debtor themselves, by a qualified creditor or creditor, or a trustee under a trust deed (see section of 2(1) of Ba(S)A 2016 and Practice Note:
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