(1)A trustee of a Scottish trust is, in respect of a liability of that trustee that falls to be met out of the trust estate, a relevant person if—
(a)an award of sequestration has been made [F1by virtue of section 6 of the Bankruptcy (Scotland) Act 2016] in respect of the trust estate, and the trust has not been discharged under that Act, [F2or]
(b)a protected trust deed within the meaning of that Act is in force in respect of the trust estate, F3...
F3(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2)Where an award of sequestration made [F4by virtue of section 6 of the Bankruptcy (Scotland) Act 2016] is recalled or reduced any rights which were transferred under section 1 as a result of that award are re-transferred to and vest in the person who became a relevant person as a result of the award.
F5(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4)In this section “Scottish trust” means a trust the estate of which may be sequestrated [F6by virtue of section 6 of the Bankruptcy (Scotland) Act 2016].
Textual Amendments
F1Words in s. 7(1)(a) substituted (30.11.2016) by The Bankruptcy (Scotland) Act 2016 (Consequential Provisions and Modifications) Order 2016 (S.I. 2016/1034), art. 1, Sch. 1 para. 35(5)(a)(i)
F2Word in s. 7(1)(a) inserted (30.11.2016) by The Bankruptcy (Scotland) Act 2016 (Consequential Provisions and Modifications) Order 2016 (S.I. 2016/1034), art. 1, Sch. 1 para. 35(5)(a)(ii)
F3S. 7(1)(c) and word omitted (30.11.2016) by virtue of The Bankruptcy (Scotland) Act 2016 (Consequential Provisions and Modifications) Order 2016 (S.I. 2016/1034), art. 1, Sch. 1 para. 35(5)(a)(iii)
F4Words in s. 7(2) substituted (30.11.2016) by The Bankruptcy (Scotland) Act 2016 (Consequential Provisions and Modifications) Order 2016 (S.I. 2016/1034), art. 1, Sch. 1 para. 35(5)(b)
F5S. 7(3) omitted (30.11.2016) by virtue of The Bankruptcy (Scotland) Act 2016 (Consequential Provisions and Modifications) Order 2016 (S.I. 2016/1034), art. 1, Sch. 1 para. 35(5)(c)
F6Words in s. 7(4) substituted (30.11.2016) by The Bankruptcy (Scotland) Act 2016 (Consequential Provisions and Modifications) Order 2016 (S.I. 2016/1034), art. 1, Sch. 1 para. 35(5)(d)
Commencement Information
I1S. 7 in force at 1.8.2016 by S.I. 2016/550, art. 2