We’re also highly experienced in corporate and personal insolvency procedures including administration, receivership, liquidation and sequestration. Supportive and pragmatic at all times, we will help you assess your situation and find the best way 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 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.
A Trust Deed is a voluntary agreement between an individual and their creditors to help them repay their debts.
The process of putting in place a Protected Trust Deed, which is a Trust Deed that prevents creditors from taking any form of enforcement steps for recovery of their debts, requires a proposal to be put forward to creditors for consideration (and acceptance). A Trust Deed proposal would usually include a contribution from income, towards the debts, for the duration of the Trust Deed. Usually a Trust Deed will last for a period of 4 years.
Sequestration is the term used in Scotland for Bankruptcy.
An individual can apply for bankruptcy in Scotland providing they owe at least £1,500.00, have not 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, who is a qualified Insolvency Practitioner, and lasts for a period of 4 years. There is also an application fee of £200.00 which is payable to the Accountant in Bankruptcy.