Sequestration Bankruptcy Scotland

	Sequestration - bankruptcy in Scotland In Scotland, the legal term for personal bankruptcy is sequestration. As in England and Wales, the debtor or one of their creditors can apply to the court for a sequestration order to be made providing that the debt is £1,500 or more. The debtor must be "apparently insolvent" - or unable to pay their debts - before a sequestration order will be granted which means that creditors will usually have to show that they have attempted to enforce the debt without success. If a sequestration is granted, the court will order that the assets of the debtor are transferred to a trustee who will then attempt to sell the assets, with money raised going to the creditors. While sequestrated, you are subject to various restrictions, including asking for more credit. At the end of the sequestration, you will be discharged - in most cases this takes around three years. For more information on sequestration click here

Sequestration - bankruptcy in Scotland

In Scotland, the legal term for personal bankruptcy is sequestration.

As in England and Wales, the debtor or one of their creditors can apply to the court for a sequestration order to be made providing that the debt is £1,500 or more.

The debtor must be "apparently insolvent" - or unable to pay their debts - before a sequestration order will be granted which means that creditors will usually have to show that they have attempted to enforce the debt without success.

If a sequestration is granted, the court will order that the assets of the debtor are transferred to a trustee who will then attempt to sell the assets, with money raised going to the creditors.

While sequestrated, you are subject to various restrictions, including asking for more credit.

At the end of the sequestration, you will be discharged - in most cases this takes around three years.

For more information on sequestration click here

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