Bankruptcy (Scotland) Act 2016 (asp 21)

PART 14SVoluntary trust deeds for creditors

(1)The debtor must be—

(a)a living individual who,

(b)a partnership which,

(c)a limited partnership (within the meaning of the Limited Partnerships Act 1907) which,

(d)a trust which,

(e)a corporate body which, or

(f)an unincorporated body which,

[F1has a sufficient connection to Scotland and] grants a trust deed for a single estate.

[F2(1A)For the purposes of subsection (1), a debtor has a sufficient connection to Scotland if—

(a)in the case of a debtor who is a living individual, the individual—

(i)was habitually resident in Scotland at any time in the year immediately preceding the date the trust deed is granted, or

(ii)had an established place of business in Scotland within that period,

(b)in the case of a debtor which is a body or entity of a kind mentioned in paragraphs (b) to (f) of subsection (1), the body or entity—

(i)had an established place of business in Scotland at any time in the year immediately preceding the date the trust deed is granted, or

(ii)was constituted or formed under Scots law and at any time carried on business in Scotland.]

(2)The debtor must not be—

(a)a debtor whose estate has been sequestrated if the trustee in the sequestration has not been discharged under section 148 or 151, or

(b)an entity referred to in section 6(2).

(3)The total amount of the debtor's debts (including interest) as at the date on which the debtor grants the trust deed must be not less than £5,000.

Textual Amendments

Commencement Information