Part 1Bankruptcy
Protected trust deeds
20Modification of provisions relating to protected trust deeds
1
For paragraphs 5 to 13 of Schedule 5 to the 1985 Act (protected trust deeds) substitute—
5
1
The Scottish Ministers may by regulations make provision as to—
a
the conditions which require to be fulfilled in order for a trust deed to be granted the status of a protected trust deed;
b
the consequences of a trust deed being granted that status;
c
the rights of any creditor who does not accede to a trust deed which is granted protected status;
d
the extent to which a debtor may be discharged, by virtue of a protected trust deed, from his liabilities or from such liabilities or class of liabilities as may be prescribed in the regulations;
e
the circumstances in which a debtor may bring to an end the operation of a trust deed in respect of which the conditions provided for under sub-paragraph (a) above are not fulfilled;
f
the administration of the trust under a protected trust deed (including provision about the remuneration payable to the trustee).
2
Regulations under this paragraph may—
a
make provision enabling applications to be made to the court;
b
contain such amendments of this Act as appear to the Scottish Ministers to be necessary in consequence of any other provision of the regulations.
2
In section 73(1) of that Act (interpretation), for the definition of “protected trust deed” substitute—
“protected trust deed” means a trust deed which has been granted protected status in accordance with regulations made under paragraph 5 of Schedule 5 to this Act;