Petitions for sequestration

5AF1Debtor applications by low income, low asset debtors

1

The conditions referred to in section 5(2B)(c)(ia) of this Act are as follows.

2

The debtor's weekly income (if any) on the date the debtor application is made does not exceed £100 or such other amount as may be prescribed.

3

The debtor does not own any land.

4

The total value of the debtor's assets (leaving out of account any liabilities) on the date the debtor application is made does not exceed £1000 or such other amount as may be prescribed.

5

The Scottish Ministers may by regulations—

a

make provision as to how the debtor's weekly income is to be determined;

b

provide that particular descriptions of income are to be excluded for the purposes of subsection (2) above;

c

make provision as to how the value of the debtor's assets is to be determined;

d

provide that particular descriptions of asset are to be excluded for the purposes of subsection (4) above;

e

make different provision for different classes or description of debtor;

f

add further conditions which must be met before a debtor application may be made by virtue of section 5(2B)(c)(ia) of this Act; and

g

where such further conditions are added—

i

remove; or

ii

otherwise vary,

those conditions.