We’re also highly experienced in corporate and personal insolvency procedures including administration, receivership, liquidation, protected trust deeds and sequestration. Supportive and pragmatic at all times, we will help you assess your situation and find the best way for you to move forward.
Based in the heart of Glasgow City Centre, our team can help guide you during difficult times.
Business DAS is a statutory debt management scheme to help a business repay it’s debts. It is only available to a sole trader, a partnership a limited partnership, a trust or an unincorporated body.
The process involves the business putting forward a proposal, known as a Debt Payment Program (DPP), to its creditors that allows for the business debts to be repaid over a maximum period of 5 years. If approved by creditors, all interest, fees, penalties or and other charges will be frozen and the creditors will not be able to take any formal recovery action for repayment of their debts, providing the business abides by the terms of the DPP. providing the terms of the DPP are adhered to by the business.
Other useful information can be found at:
A Trust Deed is a voluntary agreement between an individual, their creditors and a Trustee to help an individual repay their debts.
Once the Trust Deed is registered as Protected, creditors can no longer take any formal action against an individual for recovery of their debts. This requires a proposal to be put forward to creditors for consideration and acceptance. A Trust Deed proposal would usually include an affordable contribution from income, (calculated using the industry standard CFT regulations), for the duration of the Trust Deed. A Trust Deed usually lasts for a period of 4 years.
All matters regarding the administration of the individuals Trust Deed are fully discussed prior to the individual granting the Deed.
Sequestration is the term used in Scotland for Bankruptcy.
An individual can apply for bankruptcy in Scotland providing they owe at least or £3,000. The individual must not have been bankrupt in the last 5 years and have resided in Scotland for at least 1 year prior to making the application.
The process of bankruptcy is administered by a Trustee. Annette Menzies is a qualified Licenced Insolvency Practitioner and can be nominated to act as Trustee and our Business Recovery team will then administer the sequestration process, which normally lasts for a period of 4 years. All applications must be submitted by a qualified money advisor, also available within our office, online through the Accountant in Bankruptcy. A fee of £200* is payable to The Accountant in Bankruptcy when the application is submitted.
The Coronavirus (Scotland) (No.2) Act 2020
As a result of the ongoing Coronavirus pandemic, a number of temporary amendments have been made to the Bankruptcy legislation. Full details can be found at;
*£150 during the period of The Coronavirus (Scotland) (No.2) Act 2020, noted below.
As with a Trust Deed, a free no obligation consultation can be arranged to assess the specific course of action required to give the individual that much needed relief from the anxieties of debt.