What is sequestration
If you think sequestration may be the right option to solve your current debt problems then call our experienced debt advisors who will
provide free advice on how this powerful debt solution method may help you. We’ll assess your financial circumstances and advise on your alternatives and best options.
Call now on 0800 007 5021 for free and confidential advice from expert advisors.
Sequestration is the Scottish form of bankruptcy and the terms both mean the same thing. The sequestration process in Scotland is the responsibility of the Accountant in Bankruptcy who oversees the process on behalf of the Government.
The process can be initiated by a personal application or on the petition of a qualified creditor.
Whilst the process is clearly defined and relatively straight forward, there is much to be considered and the application must be completed accurately and thoroughly. Sequestration is normally seen as a last resort and it is always
advisable to seek professional advice if you are considering this as a solution to your debt problems.
The sequestration process
A sequestration application, either from the debtor or a qualified creditor must be made to the Accountant in Bankruptcy and the local Court from which a Sheriff will decide if it is in order to award sequestration. A Trustee is then
appointed to deal with your estate to determine the value of assets available to pay off the debts owed.
The Trustee will administer the process and deal with the creditors on your behalf. It is the Trustees responsibility to realise your assets to pay the debts owed and assess if you can afford to make a regular payment to your creditors
for a period of three years. Any debts not covered by this are written off. You are normally discharged from your sequestration after a year.
What are the options?
There are many alternatives to sequestration and it is important to seek professional debt advice to ensure you consider all the alternatives available to you. This will depend on your personal circumstances and every debt case is
different and therefore requires individual assessment.
If sequestration is an alternative to be considered in your case then you will have the option of either appointing the Accountant in Bankruptcy to act as your Trustee or to appoint a private licensed Insolvency Practitioner of your
choice. Considering appointing a private Insolvency Practitioner gives you the opportunity to discuss your circumstances in advance before making a final decision.
The professional debt advisors at EP debt have been providing expert debt advice for many years and have helped countless people across Scotland with their debt problems. Our advice is free and totally confidential and you can call us now to discuss your circumstances.