Bankruptcy (Scotland) Act 1985 (repealed)

Voluntary trust deeds for creditorsS

59 Voluntary trust deeds for creditors.S

Schedule 5 to this Act shall have effect in relation to trust deeds executed after the commencement of this section.

[F159APetition for conversion into sequestrationS

(1)Where a member State liquidator proposes to petition the [F2sheriff] for the conversion under Article 37 of the EC Regulation (conversion of earlier proceedings) of a protected trust deed into sequestration, an affidavit complying with section 59B of this Act must be prepared and sworn, and lodged in court in support of the petition.

(2)The petition and the affidavit required under subsection (1) above shall be served upon–

(a)the debtor;

(b)the trustee;

(c)such other person as may be prescribed.

Textual Amendments

59BContents of affidavitS

(1)The affidavit shall–

(a)state that main proceedings have been opened in relation to the debtor in a member State other than the United Kingdom;

(b)state that the member State liquidator believes that the conversion of the trust deed into a sequestration would prove to be in the interests of the creditors in the main proceedings;

(c)contain such other information the member State liquidator considers will be of assistance to the [F3sheriff]

(i)in deciding whether to make an order under section 59C; and

(ii)if the [F3sheriff] were to do so, in considering the need for any consequential provision that would be necessary or desirable; and

(d)contain any other matters as may be prescribed.

(2)An affidavit under this section shall be sworn by, or on behalf of, the member State liquidator.

Textual Amendments

59C[F4Power of sheriff]S

(1)On hearing the petition for conversion of a trust deed into a sequestration the [F5sheriff] may make such order as [F6he] thinks fit.

(2)If the [F5sheriff] makes an order for conversion into sequestration the order may contain all such consequential provisions as the [F5sheriff] deems necessary or desirable.

[F7(2A)The provisions of this Act shall apply to an order made by the sheriff under subsection (1) above as if it was a determination by the Accountant in Bankruptcy of a debtor application under section 12(1) of this Act and in relation to which the member State liquidator was a concurring creditor.]

(3)Where the [F5sheriff] makes an order for conversion into sequestration under sub-section (1) above, any expenses properly incurred as expenses of the administration of the trust deed in question shall be a first charge on the debtor’s estate.]

Textual Amendments

F4S. 59C heading substituted (1.4.2008) by virtue of Bankruptcy and Diligence etc. (Scotland) Act 2007 (asp 3), ss. 36, 227(3), Sch. 1 para. 53(c) (with s. 223); S.S.I. 2008/115, art. 3(1)(i) (with arts. 4-6, 10 (as amended (with effect from 31.1.2011) by S.S.I. 2011/31, art. 5))

F7S. 59C(2A) inserted (1.4.2008) by Bankruptcy and Diligence etc. (Scotland) Act 2007 (asp 3), ss. 32, 227(3) (with s. 223); S.S.I. 2008/115, art. 3(1)(a) (with arts. 4-6, 10 (as amended (with effect from 31.1.2011) by S.S.I. 2011/31, art. 5))