Sequestration
Sequestration is the Scottish legal term for personal bankruptcy. It is one way of dealing with debts you cannot pay.
Sequestration proceedings:
- free you from overwhelming debts so you can make a fresh start, subject to some restrictions
- make sure your assets are shared out fairly among your creditors.
Sequestration begins with a petition to the Sheriffs Court and then a Trustee is appointed to your case by the Sheriffs court. The Trustee is totally responsible for the transfer/sale of your assets e.g. house, car, valuable items, savings and investments etc, for your creditors benefit.
The Trustee also has the option to request a contribution from their income during the Sequestration period.
The petition can be lodged by:
- Anyone with a debt of more than £1,500;
- A creditor owed more than £1,500;
- A Trustee in the case of a failed Trust Deed.
Click here to Apply for Sequestration. |
