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More than 20,000 people in Scotland
Accountancy firm PKF is warning that more than 20,000 people will be declared bankrupt in Scotland in 2012 because of the state of the economy and public sector job cuts. |
Latest insolvency statistics for Scotland There were 4,664 personal insolvencies in Scotland during October to December 2011. This is a 13% decrease on the previous quarter and a 2% increase on the same period in the previous year. Of those, 2,615 were made bankrupt,2,049 entered into Protected Trust Deeds. 878 Debt Payment Programmes were also approved. |
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Sequestration in brief . . . Sequestration is the legal term used in Scotland to describe personal bankruptcy.  The debtor or one of his or her creditors, can apply to the court for a sequestration order to be made providing that the debt owed is £1,500 or more (if a debtor applies to be sequestrated) or £3,000 or more (if creditors) apply).
For a sequestration order to be made, the debtor must be "apparently insolvent" - or unable to pay their debts - which means that creditors will usually have to show that they have attempted to enforce the debt without success. If a sequestration is granted, the court will order that any assets of the debtor are transferred to a trustee who will then attempt to sell those assets. Any money raised then goes to the creditors. While sequestrated, an individual is subject to various restrictions that affect their ability to obtain further credit. |
Advice for those in debt What is sequestration or bankruptcy? What are the alternatives to sequestration? Is there a Scottish equivalent of an IVA? What is a Trust Deed and a Protective Trust Deed? What is a Low Income Low Assets ) LILA? How do I make myself bankrupt in Scotland? If I'm made bankrupt do I lose everything? What are the terms of a sequestration or bankruptcy order? What happens to my wages if I'm made bankrupt? Is it just a case of one year as a bankrupt then back to life as normal? What is stopping me giving everything I own away and then going bankrupt? |
Advice for those owed money Legal options to recover a debt How to make someone bankrupt in Scotland The Accountant in Bankruptcy website Edinburgh Gazette Register Of Insolvencies (Scotland) |
Bankruptcy In Scotland - Sequestration © Bankrupt.co.uk 2007-2012. All rights reserved. Please note the contents of this website are for information purposes only and do not constitute financial advice. Please seek independent professional advice before taking action that may affect your financial well-being. |