In Scotland, personal insolvency may be constituted by either Sequestration or by the signing of a Trust Deed, which ideally should become protected. Sequestration is the equivalent of bankruptcy in England, whereas a PTD (Protected Trust Deed) mirrors the informal aspect of an IVA (Individual Voluntary Arrangement).
The legal regime in Scotland is very different to that in England and Wales and the system is supervised by the Accountant in Bankruptcy.
MacRoberts acts for many Insolvency Practitioners as Trustees on either of the above, and gives advice generally in relation to debtors whose affairs have become embarrassed. Often we are able to assist the Insolvency Practitioner in realising assets for the benefit of creditors, be it through the debtor's future income or from the realisation of value from the debtor's home
Whether you are a debtor under personal pressure from your creditors, or an unpaid creditor seeking redress, the options available to you should be discussed as early as possible.