Discharge of permanent trustee
57 Discharge of permanent trustee.
1
After the permanent trustee has made a final division of the debtor’s estate and has inserted his final audited accounts in the sederunt book, he—
a
shall deposit any unclaimed dividends and any unapplied balances in an appropriate bank or institution;
b
shall thereafter send to the Accountant in Bankruptcy the sederunt book, a copy of the audited accounts and a receipt for the deposit of the unclaimed dividends and unapplied balances; and
c
may at the same time as sending the said documents apply to the Accountant in Bankruptcy for a certificate of discharge.
2
The permanent trustee shall send notice of an application under subsection (1)(c) above to the debtor and to all the creditors known to the permanent trustee and shall inform the debtor and such creditors—
a
that they may make written representations relating to the application to the Accountant in Bankruptcy within a period of 14 days after such notification;
b
that the sederunt book is available for inspection at the office of the Accountant in Bankruptcy and contains the audited accounts of, and scheme of division in, the sequestration; and
c
of the effect mentioned in subsection (5) below.
3
On the expiry of the period mentioned in subsection (2)(a) above, the Accountant in Bankruptcy, after examining the documents sent to him and considering any representations duly made to him, shall—
a
grant or refuse to grant the certificate of discharge; and
b
notify (in addition to the permanent trustee) the debtor and all creditors who have made such representations accordingly.
4
The permanent trustee, the debtor or any creditor who has made representations under subsection (2)(a) above, may within 14 days after the issuing of the determination under subsection (3) above, appeal therefrom to the sheriff and if the sheriff determines that a certificate of discharge which has been refused should be granted he shall order the Accountant in Bankruptcy to grant it; and the sheriff clerk shall send a copy of the decree of the sheriff to the Accountant in Bankruptcy.
F14A
The decision of the sheriff on an appeal under subsection (4) above shall be final.
5
The grant of a certificate of discharge under this section by the Accountant in Bankruptcy shall have the effect of discharging the permanent trustee from all liability (other than any liability arising from fraud) to the creditors or to the debtor in respect of any act or omission of the permanent trustee in exercising the functions conferred on him by this Act including, where he was also the interim trustee, the functions conferred on him as interim trustee.
6
Where a certificate of discharge is granted under this section, the Accountant in Bankruptcy shall make an appropriate entry in the register of insolvencies and in the sederunt book.
7
Where the permanent trustee has died, resigned office or been removed from office, the provisions of this section shall, subject to any necessary modifications, apply in relation to that permanent trustee or, if he has died, to his executor as they apply to a permanent trustee who has made a final division of the debtor’s estate in accordance with the foregoing provisions of this Act.
F18
This section does not apply in any case where the Accountant in Bankruptcy is the permanent trustee.
C2C3C4C5C658 Unclaimed dividends. C1
1
Any person, producing evidence of his right, may apply to the Accountant in Bankruptcy to receive a dividend deposited under section 57(1)(a) F2or 58A(3) of this Act, if the application is made not later than 7 years after the date of such deposit.
2
If the Accountant in Bankruptcy is satisfied of the applicant’s right to the dividend, he shall authorise the appropriate bank or institution to pay to the applicant the amount of that dividend and of any interest which has accrued thereon.
3
The Accountant in Bankruptcy shall, at the expiry of 7 years from the date of deposit of any unclaimed dividend or unapplied balance under section 57(1)(a) F2or 58A(3) of this Act, hand over the deposit receipt or other voucher relating to such dividend or balance to the Secretary of State, who shall thereupon be entitled to payment of the amount due, principal and interest, from the bank or institution in which the deposit was made.
58AF3Discharge of Accountant in Bankruptcy
1
This section applies where the Accountant in Bankruptcy has acted as the permanent trustee in any sequestration.
2
After the Accountant in Bankruptcy has made a final division of the debtor’s estate, he shall insert in the sederunt book—
a
his final accounts of his intromissions (if any) with the debtor’s estate;
b
the scheme of division (if any); and
c
a determination of his fees and outlays calculated in accordance with regulations made under section 69A of this Act.
3
The Accountant in Bankruptcy shall deposit any unclaimed dividends and any unapplied balances in an appropriate bank or institution.
4
The Accountant in Bankruptcy shall send to the debtor and to all creditors known to him—
a
a copy of the determination mentioned in subsection (2)(c) above; and
b
a notice in writing stating—
i
that the Accountant in Bankruptcy has commenced the procedure under this Act leading to discharge in respect of his actings as permanent trustee;
ii
that the sederunt book relating to the sequestration is available for inspection at such address as the Accountant in Bankruptcy may determine;
iii
that an appeal may be made to the sheriff under subsection (5) below; and
iv
the effect of subsection (7) below.
5
The debtor and any creditor may appeal to the sheriff against—
a
the determination of the Accountant in Bankruptcy mentioned in subsection (2)(c) above;
b
the discharge of the Accountant in Bankruptcy in respect of his actings as permanent trustee; or
c
both such determination and discharge.
6
An appeal under subsection (5) above shall be made not more than 14 days after the issue of the notice mentioned in subsection (4)(b) above; and the decision of the sheriff on such an appeal shall be final.
7
Where—
a
the requirements of this section have been complied with; and
b
no appeal to the sheriff is made under subsection (5) above or such an appeal is made but is refused as regards the discharge of the Accountant in Bankruptcy,
the Accountant in Bankruptcy shall be discharged from all liability (other than any liability arising from fraud) to the creditors or to the debtor in respect of any act or omission of the Accountant in Bankruptcy in exercising the functions of permanent trustee in the sequestration.
8
Where the Accountant in Bankruptcy is discharged from all liability as mentioned in subsection (7) above, he shall make an entry in the sederunt book recording such discharge.
9
Where the Accountant in Bankruptcy—
a
has acted as both interim trustee and permanent trustee in a sequestration;
b
has not been discharged under section 26A(7) of this Act,
references in this section to his acting as or exercising the functions of permanent trustee shall be construed as including references to his acting as or exercising the functions of interim trustee; and subsection (7) above shall have effect accordingly.