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.

“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;