SOLUTIONS

RECENT NEWS:

Household Debt Rising
Household debt has risen by more than 30 per cent to an average of £13,153 over the last three years according to figures from the Citizens Advice Bureau (CAB). Read more

Tories Use Provocative Language To Tackle Debt
The Conservative party has launched an anti-debt campaign that urges young people to “ignore their inner tosser” and cut out unnecessary spending to reduce the likelihood of serious debt problems. Read more

Staying In The Driving Seat
The financial crisis at car giant Ford, which is making tens of thousands of US workers redundant, has fuelled uncertainty in the North West/West Midlands/UK automotive sector. Read more

Biggest Day Of Your Life - And The Biggest Debt
If your loved one got down on bended knee to pop the question on Valentine’s Day, your thoughts might now be turning to the big day. Read more

Bosses Urged To Help Staff
Companies should offer support schemes to employees with personal debt problems as part of flexible benefits packages. Read more

SEQUESTRATION (SCOTTISH BANKRUPTCY)

This is the Statutory form of Bankruptcy in Scotland and is granted by the Court. Currently there are restrictions on individuals being able to apply for this process themselves.

Self Sequestration
You must be Resident in Scotland and be apparently insolvent:

  • You must owe at least £1,500; AND one of your creditors must have taken you to court to enforce or demand you repay; or
  • You must have been on a debt repayment program under DAS that has been revoked AND one of the creditors in the DPP has been to court and obtained a decree on one of the debts

The Accountant in Bankruptcy web site provides detailed Notes for Guidance on the process.

Download our Sequestration Fact Sheet for further information.


Debt Management PlanSequestration