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Status:
Point in time view as at 31/12/2020.
Changes to legislation:
Debtors (Scotland) Act 1987, Section 12 is up to date with all changes known to be in force on or before 02 December 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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12 Sequestration and insolvency.S
(1)While a time to pay direction or a time to pay order is in effect, the creditor shall not be entitled to found on the debt concerned in presenting, or in concurring in the presentation of, a petition for the sequestration of the debtor’s estate.
(2)A time to pay direction or a time to pay order shall cease to have effect—
(a)on the granting of an award of sequestration of the debtor’s estate;
(b)on the granting by the debtor of a voluntary trust deed whereby his estate is conveyed to a trustee for the benefit of his creditors generally; or
(c)on the entering by the debtor into a composition contract with his creditors.
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