SCHEDULES
C1SCHEDULE 5 Voluntary Trust Deeds for Creditors
Valuation of claims
4
Unless the trust deed otherwise provides, Schedule 1 to this Act shall apply in relation to a trust deed as it applies in relation to a sequestration but subject to the following modifications—
a
in paragraphs 1, 2 and 5 for the word “sequestration” wherever it occurs there shall be substituted the words “granting of the trust deed”;
b
in paragraph 3—
i
in sub-paragraph (2), for the words from the beginning of paragraph (a) to “or sheriff” there shall be substituted the words “the trustee”; and
ii
in sub-paragraph (3), for the reference to the permanent trustee there shall be substituted a reference to the trustee;
c
paragraph 4 shall be omitted; and
d
in paragraph 5(2) for the references to the permanent trustee there shall be substituted references to the trustee.
Sch. 5 modified (10.8.2005) by The Insurers (Reorganisation and Winding Up) Regulations 2004 (S.I. 2004/353), reg. 33(7) (as amended by The Insurers (Reorganisation and Winding Up) (Lloyd's) Regulations 2005 (S.I. 2005/1998), reg. 40(11)