Debt Arrangement Scheme. The Debt Arrangement Scheme (DAS) Debtor Information Booklet Business DAS. on a positive note

Size: px
Start display at page:

Download "Debt Arrangement Scheme. The Debt Arrangement Scheme (DAS) Debtor Information Booklet Business DAS. on a positive note"

Transcription

1 Debt Arrangement Scheme The Debt Arrangement Scheme (DAS) Debtor Information Booklet Business DAS on a positive note

2 This booklet provides general information on the Debt Arrangement Scheme (DAS) and is not intended as a full statement of the law. DAS is a statutory debt management scheme introduced by the Scottish Government to help people repay their debt(s) over an agreed period of time without the threat of court action from creditors. For a variety of reasons some people find that they are struggling to repay their debt(s) and need support to cope with their situation. Getting advice as soon as possible can help you to deal with your debt(s). You can find contact details of some organisations who offer free advice at the back of this booklet. Further information on some alternatives to DAS is also included later in this booklet. The main legislation relevant to DAS is the Debt Arrangement and Attachment (Scotland) Act More information on DAS and all related legislation and publications are available on the DAS website at:

3 CONTENTS 1. DEBT ARRANGEMENT SCHEME 1.1 What is business DAS? 1.2 How can DAS help me? 1.3 Does DAS cost anything? 1.4 Am I eligible? 1.5 Who is involved? 1.6 Will it affect my credit rating? APPLYING FOR DAS 2.1 How do I apply for a Debt Payment Programme (DPP) 2.2 What information is in a DPP? 2.3 What happens if my DPP is approved? 2.4 What happens if my DPP is rejected? 2.5 What is the Fair and Reasonable test? 2.6 Am I protected during the application period? 2.7 What happens when I complete my DPP? 2.8 Reviews and Appeals CHANGES TO YOUR DPP 3.1 What if I do not comply with the conditions of my DPP? 3.2 What can I do if my DPP is revoked? 3.3 What happens if my circumstances change? 3.4 What are the grounds for applying for a variation? 3.5 How do I apply for a variation? ALTERNATIVES TO DAS 5. CONTACT INFORMATION AND ADVICE SOURCES 16 19

4 1. DEBT ARRANGEMENT SCHEME DAS is the only official government debt management scheme in Scotland, created to help you repay your debt.

5 1.1 What is business DAS? Business DAS is a statutory debt management scheme introduced by the Scottish Government to help your business to repay its debt(s). A business is defined as being a legal person or other entity which is a partnership, a limited partnership, a trust, a corporate body other than a company registered under the Companies Act 2006 or an unincorporated body of persons. Under business DAS, you can apply for a Debt Payment Programme (DPP) that allows you to pay off your debt(s) over a maximum of 5 years. Your DPP will take into account what you can reasonably pay back at regular intervals based on your disposable income. After seeking appropriate advice from an appropriate money adviser (who must be qualified to act as an Insolvency Practitioner) you may want to either submit an application for a DPP or alternatively submit an intimation to the DAS Administrator (in writing) saying that you want to apply for a DPP. An intimation gives you 6 weeks of protection against creditor action from the date the DAS Administrator registers your interest on the DAS Register. This means all interest, fees, penalties or other charges are frozen until the end of a 6 week period. Additionally, your creditors will not be able to take enforcement action during this period. You can only intimate an interest in applying for a DPP, a trust deed or bankruptcy once in a 12 month period. You must make your application by the end of the 6 weeks or the period of protection will end and all interest, fees, penalties or other charges will be added back on to your debts. When the DAS Administrator or money adviser submits the application for a DPP to creditors for approval, all interest, fees, penalties or other charges that would have applied to your debt(s) are frozen and are waived upon completion of your DPP. If you do 3

6 not complete your DPP these will be added back on. You must have two or more debts to apply for business DAS. The following consents to the application are required: In a partnership every partner must consent. In a trust the majority of trustees must consent. In a limited partnership every general partner must consent. If a corporate body then a person authorised to act on behalf of that corporate body must consent. If a charity is applying then the application must also be intimated to OSCR and contain evidence of that intimation. You can also apply for an individual DPP if you have personal debts. Please see the Debtor Information Booklet for Individuals, which can be found on the DAS website. Once approved, a DPP can prevent enforcement of debt(s) by the court. Creditors included in your DPP are prevented from petitioning for your bankruptcy as long as you maintain the agreed payments in your DPP under DAS. 1.2 How can DAS help me? DAS is a Scottish Government scheme that: allows you to make one regular payment towards clearing your debt meaning you don t have to deal with your creditor individually; freezes interest, fees and charges on your debt, which is waived on completion of the DPP; and provides protection from creditors taking enforcement action to recover money owed to them, and is often free for people paying debt under an approved DPP. 4

7 However, some money advisers may charge a fee for their service. Money Advisers must disclose the amount of fees that will be charged for services provided in a DPP and advise clients where free advice may be obtained. Your Money Adviser will help you decide if DAS is right for you. 1.3 Does DAS cost anything? You can get free confidential and impartial advice in your local area or pay for advice through a number of financial services organisations. However, if you are considering applying for Business DAS you must obtain money advice from an Insolvency Practitioner. People who can give free, face-to-face advice include advisers in Citizens Advice Bureau and Local Authority money advisers. You can find contact information at the back of this booklet or find a money adviser near you on the DAS website at: However, not all money advisers on this list will be able to advise you on Business DAS. Some organisations may also give information and advice over the telephone or online. Please note that some organisations will charge you for the provision of money advice. You should check the details and costs with your chosen money adviser prior to entering into any agreement. 1.4 Am I eligible? You may be eligible to participate in business DAS if you have more than one debt and meet the following criteria: you have a place of business in Scotland or operate a business formed under Scots Law; you have sought the advice and assistance of a DAS approved money adviser who must be qualified to act as an Insolvency Practitioner; 5

8 you wish to repay your debt(s) without the threat of your creditor(s) taking legal action against you; you are able to pay your debts within 5 years; you are continuing to trade or otherwise operating, and must declare all assets (during the programme there will be restrictions on the sale of non-trading assets, unless for the benefit of creditors). You are ineligible to participate in DAS if you; have granted a Protected Trust Deed from which you have not been discharged; or are bankrupt or subject to a Bankruptcy Restrictions Order or a Bankruptcy Restriction Undertaking; or are subject to a time to pay direction under section 1 (time to pay directions) or section 5 (time to pay orders) of the Debtors (Scotland) Act 1987, in respect of that debt (only applicable where a debtor has a single debt to be included in DAS); or are subject to a time order under section 129 (time orders) of the Consumer Credit Act 1974, in respect of that debt (only applicable where a debtor has a single debt to be included in DAS); or Normally you are ineligible to participate in DAS if you are paying a debt(s) under a conjoined arrestment order. However, if you have a conjoined arrestment order and a creditor (it does not matter whether this creditor is involved in the conjoined arrestment order or not) has tried lawfully to enforce another debt(s) that you owe, then you may be eligible for a DPP. If you are not certain whether you are eligible to apply contact your money adviser for advice. 6

9 1.5 Who is involved? Debtor: A legal person or other entity who has agreed to a DPP and has obtained necessary consents. DAS Approved Money Adviser: An individual who meets the criteria to offer a DPP under DAS as a debt management option. For business DAS the money adviser must be qualified to act as an Insolvency Practitioner. Creditor: An individual or organisation who you owe money to. DAS Administrator: The Accountant in Bankruptcy (a Scottish Government official) who oversees the administration of every DPP. Payments Distributor: an organisation responsible for the collection of DPP payment instalments from debtors and the distribution of these funds to creditors. 1.6 Will it affect my credit rating? If you participate in DAS then your details will be recorded on the DAS register. This is a register which can be accessed free of charge. Creditors and credit reference agencies check this register on a regular basis and may update your credit file to reflect this information. While you have a DPP under DAS, you will not normally be able to access further credit although there are exceptions, which are; the business needs credit for an essential requirement including trade credit incurred by the debtor in the ordinary course of business; further credit given as part of a cyclical loan arrangement in operation at the date of approval where the payment by the debtor does not vary; creditor for an emergency repair and credit for reasonable funeral expenses in respect of an immediate family member. 7

10 2. APPLYING FOR DAS DAS freezes all interest, fees, penalties or other charges that would have applied to your debts and waives them upon completion of your DPP.

11 2.1 How do I apply for a DPP? To apply for a DPP under DAS you must seek the advice and assistance of a money adviser. Your money adviser will discuss your income and expenditure with you and calculate how much surplus income you have. They will also ask you to provide proof of your financial circumstances. If you and your money adviser agree that you are suitable for DAS, your money adviser will apply for a DPP on your behalf. The details of your DAS DPP proposal are sent to all of the creditors that you include in your DPP. 2.2 What information is in a DPP? Your DPP proposal will clearly state: the total amount that you owe; the agreed amount for each repayment instalment; the frequency of the proposed payments; and the proposed length of your DPP Each creditor in your DPP will be given the opportunity to accept or reject the terms of your DPP proposal. The creditors included in your DPP are given a period of 21 days to respond to the DPP proposal. If creditors all accept or are deemed to have accepted (because they do not respond within the 21 days) the DPP under DAS is agreed automatically. Creditors in your DPP will then be bound by this DPP provided that you continue to adhere to the agreement. If the creditors included in your DPP do not consent to your DPP proposal, the DAS Administrator can still approve the DPP if it is found to be fair and reasonable to do so. 9

12 2.3 What happens if my DPP is approved? If your DPP proposal is approved, your debt(s) will be paid through a single regular payment. An approved payment distributor is responsible for making payments to your creditors. Your money adviser or the DAS Administrator will make the necessary arrangements with an approved payment distributor to allow your DPP to start. You can make your payments to the payments distributor by: payment mandate to your employer; direct debit or standing order; smart card, swipe card, smart key or other type of payment card or key; or another method of payment which has been agreed with the DAS Administrator. Your initial payment must be made within 42 days of the date your DPP is approved. 2.4 What happens if my DPP is rejected? If your DPP proposal is rejected, you should contact your money adviser to discuss your options. This may include submitting a revised proposal. You may apply to the DAS Administrator for a review of the decision to reject the DPP. This request must be made directly to the DAS Administrator (see section 2.8) on any ground that would be raised in an appeal to a sheriff. During this period you will be protected from creditors taking action against you (diligence). 10 If the decision is not changed at the review stage you have the right to appeal to a sheriff on a point of law against the DAS Administrator s decision. You will not be protected from diligence from creditors at this stage.

13 2.5 What is the Fair and Reasonable test? The Fair and Reasonable test is the criteria that the DAS Administrator will use when deciding on whether to approve or reject a DPP application. In considering whether to approve or reject a DPP the DAS Administrator must take into account: the total amount of debt; the total period of time for the proposed payment plan; the method and frequency of the regular payments; the extent to which the creditors have consented; any other views from the creditor; comments made by the money adviser; any previous DPP application; and, any other factor which the DAS Administrator considers appropriate 2.6 Am I protected during the application period? Depending on your individual circumstances, your money adviser may ask you to advise the DAS Administrator that you intend to apply for a DPP and this is referred to as an intimation. An intimation will protect you from action to enforce payment of any debt(s) for an interim period of up to 6 weeks immediately prior to the submission of your DPP application. You are only allowed to submit one intimation in any 12 month period. Once your DPP application is submitted, you will remain protected. This protection will be removed should you decide to withdraw your DPP application, or if your application is rejected by the DAS Administrator. 2.7 What happens when I complete my DPP? Once your DPP has been completed your details are removed from 11

14 the DAS Register and your creditors will be informed that your DPP debt(s) have been repaid. If you are repaying your DPP direct from your wages, your money adviser will write to your employer to cease the deduction from your wages. 2.8 Reviews and Appeals A creditor named in the application for a DPP may, on any ground which may be raised in an appeal to a sheriff, apply to the DAS Administrator for a review of a decision taken by the DAS Administrator to: approve, refuse or revoke a DPP; determine a debt in a DPP; attach a discretionary condition in DPP; dispense with creditors consent; and approve or refuse a variation. A debtor may, on any ground which may be raised in an appeal to a sheriff, apply to the DAS Administrator for a review of a decision made by the DAS Administrator to: refuse a DPP application; determine a debt in a DPP; attach a discretionary condition to a DPP; approve or refuse a variation; revoke a DPP. Request for reviews must be sent directly to the DAS Administrator within 14 days of the date of the original decision made by the DAS Administrator. If the decision is not changed at the review stage the creditor or debtor may appeal to the sheriff on a point of law within 14 days of the review decision. The decision made by the sheriff is final. 12

15 3. CHANGES TO YOUR DPP If your circumstances change you may apply for a variation to your DPP.

16 3.1 What if I do not comply with the conditions of my DPP? If you miss payments or make part payments resulting in you owing the equivalent of two monthly payments and a further payment is due, or the format of your business changes during the DPP, your DPP may be revoked. If you fail to comply with any of the conditions of your DPP, then the DPP may be revoked and your creditor(s) will be able to pursue enforcement action against you. Your money adviser or a nominated person may apply on your behalf for revocation of your DPP. 3.2 What can I do if my DPP is revoked? If your DPP is revoked, you will be liable for all interest, fees and charges that would have been payable had you not entered into your DPP. You should contact your money adviser to discuss your options. You have the right to apply to the DAS Administrator for a review of the decision to revoke your DPP. This request must be made on any ground that would be raised in an appeal to a sheriff. If the decision is not changed at the review stage you have the right to appeal to a sheriff on a point of law against the DAS Administrator s review decision. 3.3 What happens if my circumstances change? If your circumstances change and you can no longer afford the agreed payments, or wish to increase the level of payment, your money adviser (after discussion with you) may apply for a variation to your DPP and must include a declaration of viability with this. This is a statement confirming that the business is viable and that the DPP is likely to be completed successfully. Your creditors may also apply to vary a DPP. 3.4 What are the grounds for applying for a variation? There is an agreement between the business and each creditor participating in the programme. 14

17 There is an agreement between the business and a creditor to cancel the obligation to repay an amount. There has been a material change in circumstances of the business. A debt has been omitted from, or was wrongly assessed for the programme due to a mistake, oversight, or other reasonable cause. There is a debt that was future or contingent which was known but not quantifiable at the date of approval, is now quantified and due for payment. The business needs credit to meet an essential requirement. 3.5 How do I apply for a variation? Your money adviser may apply to the DAS Administrator for a variation to the DPP. They must provide a declaration of viability with an application. On application for a variation, your new circumstances will be considered by the DAS Administrator and, if appropriate, a revised payment programme may be agreed. 15

18 4. ALTERNATIVES TO DAS A trust deed can become protected. This means that your creditors cannot take court action against you for the debt(s) that you owed when the trust deed was agreed provided that you meet the terms of the trust deed

19 Debt Management Plan (DMP) A voluntary agreement between you and your creditors to make a set payment toward your outstanding debt. DMPs are managed by firms known as Debt Management Companies, who negotiate with your creditors and manage the payments on your behalf. Your agreed payments are based on how much you can afford to pay. These payments are distributed between all your creditors. When your debt management plan is being set up, your creditors may agree to freeze any interest charges but are not obliged to do so. Your creditors are still entitled to take action to enforce payment of your debt(s) whilst you are subject to a DMP. Voluntary DMPs do not offer the same security as a DAS DPP. Please note that some Debt Management Companies charge for the provision of advice and ongoing administration of a DMP. You should check this with your chosen adviser prior to entering into any agreement. Trust Deed A formal arrangement where a debtor conveys his estate to a trustee for the benefit of his creditors. The trustee must be a licensed insolvency practitioner. To enter into a trust deed you must either have assets that can be sold or you must be able to make regular payments to your trustee from your income. A trust deed can become protected. This means that your creditors cannot take court action against you for the debt(s) that you owed when the trust deed was agreed provided that you meet the terms of the trust deed. 17

20 If your creditors do not agree to your trust deed becoming protected, they can still take court action against you. If you do not co-operate with your trustee, your trust deed may fail and your creditors can take legal action to recover what you owe them, including making you bankrupt. Your trustee can also make you bankrupt if you do not co-operate with them. It is important to note that your trustee can apply to make you bankrupt at any time during the trust deed, if they think that this would raise more money for creditors, although this does not happen often. Bankruptcy Bankruptcy is a legal declaration that someone cannot pay their debt(s). If you are declared bankrupt, control of things that you own, including your home, are passed to your trustee. You may also be required to make a regular payment from your income. Details of individuals who are bankrupt or have granted a protected trust deed are recorded on the public Register of Insolvencies. For further information on the above alternatives to DAS please contact your local Money Advice Centre or Citizens Advice Bureau. 18

21 5. CONTACT INFORMATION AND ADVICE SOURCES Getting advice as soon as possible can help you to deal with your debts.

22 5. CONTACT INFORMATION Contact details for the DAS Administrator: DAS Administrator Accountant in Bankruptcy 1 Pennyburn Road Kilwinning Ayrshire KA13 6SA Telephone: Fax: (for general information on the DAS) Website: Accountant in Bankruptcy (AiB) can also provide information on other statutory forms of debt relief and debt management including bankruptcy and protected trust deeds. Find more information at For help finding a qualified Insolvency Practitioner contact ICAS: Telephone: Website: Some useful contacts for free advice on debt: Money Advice Scotland Telephone: Website: Citizens Advice Scotland Telephone: Website: National Debtline Scotland Telephone: Website: 20 Trading Standards Scotland Website: Local addresses and telephone numbers for Citizens Advice Bureaux and Trading Standards can be found in your phone book.

23 Using your personal information Personal information that you supply to Accountant in Bankruptcy (AiB) may be used in a number of different ways, for example: To determine applications for bankruptcy and debt payment programmes For the collection of fees and contributions To identify and sell assets To supervise the administration of bankruptcies and Protected Trust Deeds For statistical analysis We may share your information with, and obtain information from, third parties such as banks, credit reference agencies, creditors and local authorities for the purposes of handling your case. If you are made bankrupt, sign up to a Protected Trust Deed or apply under the Debt Arrangement Scheme (DAS), your details will be recorded in a public register available for anyone to access free of charge. Additionally, if you do not comply with the conditions of your bankruptcy you could be subject to a Bankruptcy Restriction Order (BRO) where your details will be made public in a press release and on the AiB website. Using your information in this way is required to allow AiB to act under the Bankruptcy (Scotland) Act 1985 and other relevant legislation. 21

24 We, or an agent acting on your behalf, may also contact you to discuss your experience of using our service as part of our ongoing commitment to customer service. However you will be given the opportunity to request that we do not contact you for these purposes. For further information about how your information is used and your rights to access information we hold about you, please contact: 22

25 This publication is is available on request in community language versions and alternative formats. Please contact for this to be arranged Tha am ffoillseachadh seo ri ri fhaot ainn air iarrt as ann an cànanan coimhearsnachd agus ann an cruthan eile. Cuiribh fios gu air son seo a chur air dòigh. We have written this booklet for general guidance only. It It is is not a detailed or full statement of the law. 23

26 To get more information on DAS and alternative debt relief and management options, contact: DAS Administrator Accountant in Bankruptcy 1 Pennyburn Road Kilwinning Ayrshire KA13 6SA Telephone: Fax: Website: supported by APS Group Scotland (11/14)

Debt Arrangement Scheme. The Debt Arrangement Scheme (DAS) Debtor Information Booklet Individual DAS. on a positive note

Debt Arrangement Scheme. The Debt Arrangement Scheme (DAS) Debtor Information Booklet Individual DAS. on a positive note Debt Arrangement Scheme The Debt Arrangement Scheme (DAS) Debtor Information Booklet Individual DAS on a positive note This booklet provides general information on the Debt Arrangement Scheme (DAS) and

More information

THE DEBT ARRANGEMENT SCHEME (DAS) DEBTOR INFORMATION BOOKLET. on a positive note. Debt Arrangement Scheme

THE DEBT ARRANGEMENT SCHEME (DAS) DEBTOR INFORMATION BOOKLET. on a positive note. Debt Arrangement Scheme THE DEBT ARRANGEMENT SCHEME (DAS) DEBTOR INFORMATION BOOKLET on a positive note Debt Arrangement Scheme This booklet provides general information on the Debt Arrangement Scheme (DAS) and is not intended

More information

IMPORTANT THIS GUIDANCE SHOULD ONLY BE USED FOR PROGRAMMES FROM 1 April 2015. Debt Arrangement Scheme (DAS) Business DAS

IMPORTANT THIS GUIDANCE SHOULD ONLY BE USED FOR PROGRAMMES FROM 1 April 2015. Debt Arrangement Scheme (DAS) Business DAS Debt Arrangement Scheme (DAS) Business DAS Guidance for Insolvency Practitioners acting as Continuing Money Advisers Relevant Legislation The Scottish Parliament approved the Debt Arrangement Scheme (DAS)

More information

IMPORTANT THIS GUIDANCE SHOULD ONLY BE USED FOR PROGRAMMES FROM 1 APRIL 2015. Debt Arrangement Scheme (DAS) Business DAS

IMPORTANT THIS GUIDANCE SHOULD ONLY BE USED FOR PROGRAMMES FROM 1 APRIL 2015. Debt Arrangement Scheme (DAS) Business DAS Debt Arrangement Scheme (DAS) Business DAS Guidance for Payments Distributors Relevant Legislation The Scottish Parliament approved the Debt Arrangement Scheme (DAS) by passing the Debt Arrangement and

More information

Debt advice and information package

Debt advice and information package Debt advice and information package IMPORTANT Do not ignore this information You can get more copies of this booklet, or copies of other booklets we produce, by calling us on 0300 200 2600 You can also

More information

DEBT ADVICE AND INFORMATION PACKAGE

DEBT ADVICE AND INFORMATION PACKAGE DEBT ADVICE AND INFORMATION PACKAGE IMPORTANT Do not ignore this information You can get more copies of this booklet, or copies of other booklets we produce, by calling us on You can also find them on

More information

Debt and the consequences Important information to help you deal with your creditors and debt

Debt and the consequences Important information to help you deal with your creditors and debt Debt and the consequences Important information to help you deal with your creditors and debt The contents of this publication are accurate as at November 2012. Any subsequent amendments will be incorporated

More information

Debt Arrangement Scheme Guidance for creditors

Debt Arrangement Scheme Guidance for creditors Debt Arrangement Scheme Guidance for creditors Foreword Most people want to pay what they are due, but some can only do so if they are given more time. A modern system of court enforcement protects debtors

More information

Debt Advice and Information Package

Debt Advice and Information Package IMPORTANT Do not ignore this information Debt Advice and Information Package You have been given this booklet because one of the following is happening or is about to happen: Someone that you owe money

More information

You can get more copies of this booklet, or copies of other booklets we produce, by phoning 0300 200 2600

You can get more copies of this booklet, or copies of other booklets we produce, by phoning 0300 200 2600 TRUST DEED Guide You can get more copies of this booklet, or copies of other booklets we produce, by phoning 0300 200 2600 You can also find them on the publications page of our website: www.aib.gov.uk

More information

Your Options. A simple guide to available debt options

Your Options. A simple guide to available debt options Your Options A simple guide to available debt options Contents Welcome 3 Our Customer Service Charter 3 Protected Trust Deeds 4 Debt Arrangement Scheme 6 Sequestration 8 Debt Management Plan 10 Minimal

More information

IMPORTANT THIS GUIDANCE SHOULD ONLY BE USED FOR PROGRAMMES From 1 April 2015

IMPORTANT THIS GUIDANCE SHOULD ONLY BE USED FOR PROGRAMMES From 1 April 2015 Debt Arrangement Scheme (DAS) Individual DAS Guidance for Money Advisers Relevant Legislation The Scottish Parliament approved the Debt Arrangement Scheme (DAS) by passing the Debt Arrangement and Attachment

More information

2011 No. 141 DEBT. Made - - - - 17th February 2011 Laid before the Scottish Parliament 22nd February 2011 Coming into force - - 1st July 2011

2011 No. 141 DEBT. Made - - - - 17th February 2011 Laid before the Scottish Parliament 22nd February 2011 Coming into force - - 1st July 2011 SCOTTISH STATUTORY INSTRUMENTS 2011 No. 141 DEBT The Debt Arrangement Scheme (Scotland) Regulations 2011 Made - - - - 17th February 2011 Laid before the Scottish Parliament 22nd February 2011 Coming into

More information

1. Introduction 1. 2. What is bankruptcy? 2 2.1 What are the consequences of being bankrupt? 2

1. Introduction 1. 2. What is bankruptcy? 2 2.1 What are the consequences of being bankrupt? 2 Debtor s guide The contents of this publication are accurate as at November 2012. Any subsequent amendments will be incorporated in the latest version which is available at: www.aib.gov.uk/guidance/publications/

More information

You can get more copies of this booklet, or copies of other booklets we produce, by phoning our helpline on 0845 762 6171. (You can also find them on

You can get more copies of this booklet, or copies of other booklets we produce, by phoning our helpline on 0845 762 6171. (You can also find them on TRUST DEED GUIDE You can get more copies of this booklet, or copies of other booklets we produce, by phoning our helpline on 0845 762 6171. (You can also find them on the Publications page of our website:

More information

Important information to help you deal with your creditors and debt

Important information to help you deal with your creditors and debt Debt and the Consequences Important information to help you deal with your creditors and debt You can get more copies of this booklet, or copies of other booklets we produce, by phoning the Accountant

More information

The Debt Arrangement Scheme (Scotland) Regulations 2004 SSI 2004/468

The Debt Arrangement Scheme (Scotland) Regulations 2004 SSI 2004/468 The Debt Arrangement Scheme (Scotland) Regulations 2004 SSI 2004/468 As amended at 30 June 2007 Amendments The Debt Arrangement Scheme (Scotland) Amendment Regulations 2004 (SSI 2004/470) The Debt Arrangement

More information

Bankruptcy and Debt Advice (Scotland) Bill. Claire Orr

Bankruptcy and Debt Advice (Scotland) Bill. Claire Orr Bankruptcy and Debt Advice (Scotland) Bill Claire Orr Background Consultation in spring 2012 Government response autumn 2012 On-going dialogue with stakeholders Bill introduced to Parliament June 2013

More information

Debt and the consequences Important information to help you deal with your creditors and debt

Debt and the consequences Important information to help you deal with your creditors and debt Debt and the consequences Important information to help you deal with your creditors and debt The contents of this publication are accurate as at 1 April 2015. Any subsequent amendments will be incorporated

More information

Personal Debt Solutions (Dealing With Debt) An Essential Guide by Debt Advisory Services (Scotland)

Personal Debt Solutions (Dealing With Debt) An Essential Guide by Debt Advisory Services (Scotland) Personal Debt Solutions (Dealing With Debt) An Essential Guide by Debt Advisory Services (Scotland) Why you should read this guide Many people living in Scotland, through no fault of their own, are struggling

More information

Dealing with debt. finding your feet. Advice for you if you are in debt

Dealing with debt. finding your feet. Advice for you if you are in debt Dealing with debt finding your feet Advice for you if you are in debt Help yourself deal with your debt Even though it may seem that there is little you can do to help yourself, in fact there is more than

More information

The Accountant in Bankruptcy. Notes for Guidance of Trustees under Protected Trust Deeds

The Accountant in Bankruptcy. Notes for Guidance of Trustees under Protected Trust Deeds The Accountant in Bankruptcy Notes for Guidance of Trustees under Protected Trust Deeds This Guidance describes the general functions of The Accountant in Bankruptcy and trustees in relation to their responsibilities

More information

Guidance. Guide to Debt Relief Orders. When, Where, How, Who, What

Guidance. Guide to Debt Relief Orders. When, Where, How, Who, What Guidance Guide to Debt Relief Orders When, Where, How, Who, What June 2011 Contents 1 About this Guide Page 5 2 What is a 6 What are your duties in connection with a debt relief order? 10 Debt relief

More information

You ll make affordable monthly payments based on your situation

You ll make affordable monthly payments based on your situation You ll make affordable monthly payments based on your situation We may be able to freeze/reduce any interest and charges We deal with your creditors for you, and letters and phone calls should decrease

More information

SECONDARY CONSULTATION DRAFT 21.08.03

SECONDARY CONSULTATION DRAFT 21.08.03 SECONDARY CONSULTATION DRAFT 21.08.03 DEBT ARRANGEMENT SCHEME REGULATORY IMPACT ASSESSMENT Title 1. [The Debt Arrangement Scheme (Scotland) Regulations 2003] Purpose and intended effect (i) The objective

More information

THE DEBT ARRANGEMENT SCHEME A CONSULTATION IMPROVING ACCESS DOCUMENT

THE DEBT ARRANGEMENT SCHEME A CONSULTATION IMPROVING ACCESS DOCUMENT TH IM E PR D OV EBT IN A G RR AC A CE NG SS EM A LT T SU EN N O UM C A OC D EN O TI T N SC H EM E THE DEBT ARRANGEMENT SCHEME IMPROVING ACCESS A CONSULTATION DOCUMENT The Scottish Government, Edinburgh

More information

CHURCHWOOD FINANCIAL LIMITED Terms and Conditions of Business

CHURCHWOOD FINANCIAL LIMITED Terms and Conditions of Business National House 80 82 Wellington Road North Stockport SK4 1HW CHURCHWOOD FINANCIAL LIMITED Terms and Conditions of Business Introduction Important Note: These Terms and Conditions of Business explain our

More information

A CREDITORS GUIDE TO INSOLVENCY PRACTITIONERS FEES

A CREDITORS GUIDE TO INSOLVENCY PRACTITIONERS FEES A CREDITORS GUIDE TO INSOLVENCY PRACTITIONERS FEES This document contains two (2) sections SECTION A Individual Voluntary Arrangements (IVA s) SECTION B Scottish Protected Trust Deed s (PTD s) SECTION

More information

What is insolvency? SECTION. SECTION 8: page 1 of 8. Available on on www.nationwideeducation.co.uk Independent of of Nationwide.

What is insolvency? SECTION. SECTION 8: page 1 of 8. Available on on www.nationwideeducation.co.uk Independent of of Nationwide. SECTION Insolvency procedures in England and Wales in Scotland in Northern Ireland Available on on Independent of of Nationwide products products and and services services What is insolvency? Insolvency

More information

Bankruptcy July 2016

Bankruptcy July 2016 Bankruptcy July 2016 What is bankruptcy? Bankruptcy is one method of dealing with debts you cannot pay. If you are declared bankrupt your assets will be shared among your creditors and, after a period

More information

SPICe Briefing Bankruptcy (Scotland) Bill

SPICe Briefing Bankruptcy (Scotland) Bill The Scottish Parliament and Scottish Parliament Infor mation C entre l ogos. SPICe Briefing Bankruptcy (Scotland) Bill Abigail Bremner 4 November 2015 15/69 This briefing looks at the Bankruptcy (Scotland)

More information

SCHEDULE OF OPTIONS AVAILABLE TO INDIVIDUALS IN FINANCIAL DIFFICULTY

SCHEDULE OF OPTIONS AVAILABLE TO INDIVIDUALS IN FINANCIAL DIFFICULTY SCHEDULE OF OPTIONS AVAILABLE TO INDIVIDUALS IN FINANCIAL DIFFICULTY The most common options available to individuals who are unable to pay their debts are:- 1 Do nothing. 2 Obtain an unsecured debt consolidation

More information

SCOTTISH INSOLVENCIES IN THE THIRD QUARTER OF 2008/09

SCOTTISH INSOLVENCIES IN THE THIRD QUARTER OF 2008/09 SCOTTISH INSOLVENCIES IN THE THIRD QUARTER OF 2008/09 Statistics showing insolvencies in the third quarter of year ending 31/3/09 are published today, 21 January 2009, by the Accountant in Bankruptcy.

More information

Bank accounts for bankrupts

Bank accounts for bankrupts Citizens Advice Scotland Scottish Association of Citizens Advice Bureaux www.cas.org.uk Bank accounts for bankrupts Sarah Beattie-Smith, Policy and Parliamentary Officer January 2012 Citizens Advice Scotland

More information

FIFE COUNCIL INTEGRATED INCOME COLLECTION AND DEBT RECOVERY POLICY

FIFE COUNCIL INTEGRATED INCOME COLLECTION AND DEBT RECOVERY POLICY Appendix A FIFE COUNCIL INTEGRATED INCOME COLLECTION AND DEBT RECOVERY POLICY INTRODUCTION 1.1 This document details the Council s policies on the billing, collection and recovery of monies due to the

More information

APPENDIX B A CREDITORS GUIDE TO ADMINISTRATORS REMUNERATION SCOTLAND

APPENDIX B A CREDITORS GUIDE TO ADMINISTRATORS REMUNERATION SCOTLAND APPENDIX B A CREDITORS GUIDE TO ADMINISTRATORS REMUNERATION SCOTLAND This guide applies to all appointments on or after 6 April 2006. Any creditor requiring guidance on a case where the Insolvency Practitioner

More information

What will happen to my Home. Information about your home when bankruptcy occurs.

What will happen to my Home. Information about your home when bankruptcy occurs. What will happen to my Home Information about your home when bankruptcy occurs. This leaflet covers the questions you are most likely to want answered about your home if you are made bankrupt. 1. Will

More information

REQUEST FOR COURT RULES ACCOUNTANT IN BANKRUPTCY PAPER

REQUEST FOR COURT RULES ACCOUNTANT IN BANKRUPTCY PAPER REQUEST FOR COURT RULES ACCOUNTANT IN BANKRUPTCY PAPER Purpose: 1. This is a policy paper for the Scottish Civil Justice Council on the changes being made by the Bankruptcy and Debt Advice (Scotland) Act

More information

DEBT RECOVERY POLICY

DEBT RECOVERY POLICY DEBT RECOVERY POLICY OBJECTIVE 1.1 The objective of the Debt Recovery Policy is: To ensure that money owed to the Comhairle is collected as soon as possible using efficient, effective and fair debt recovery

More information

Relate. Personal Insolvency Bill 2012. August 2012. New arrangements for dealing with debt. Contents

Relate. Personal Insolvency Bill 2012. August 2012. New arrangements for dealing with debt. Contents August 2012 Volume 39: Issue 8 ISSN 0790-4290 Contents Relate The journal of developments in social services, policy and legislation in Ireland Page No. 1 Personal Insolvency Bill 2012 This issue deals

More information

Factsheet. Bankruptcy. e y. i c e. Make Every Count. The information and benefit rates in this leaflet are correct at April 2009

Factsheet. Bankruptcy. e y. i c e. Make Every Count. The information and benefit rates in this leaflet are correct at April 2009 M on Factsheet e y E3 A dv i c e Bankruptcy U ni Make Every Count t The information and benefit rates in this leaflet are correct at April 2009 01438 737555 www.hertsdirect.org/benefits Bankruptcy Bankruptcy

More information

A Guide to a Debt Relief Notice ( DRN )

A Guide to a Debt Relief Notice ( DRN ) A Guide to a Debt Relief Notice ( DRN ) May 2013 Contents Introduction... 3 What is a DRN?... 3 Eligibility... 3 Debts which CAN be included in a DRN... 4 Key Features of a DRN... 5 Main steps in the process...

More information

Debt Arrangement Scheme Review 2008

Debt Arrangement Scheme Review 2008 Debt Arrangement Scheme Review 2008 0 Contents 1. Executive Summary... 2 2. Background... 3 3. The DAS Process... 4 4. Methodology... 5 5. Findings... 6 5.1 Level of Take Up... 6 5.2 Creditor Profile...

More information

North East Lincolnshire Council. Debt Management Strategy

North East Lincolnshire Council. Debt Management Strategy North East Lincolnshire Council Debt Management Strategy Section Title Page No 1. Introduction 2. General Principles 3. Principles common to all debts 4. Principles of Enforcement 5. Strategy specific

More information

DMP or IVA? We ll help you decide if a Debt Management Plan or an Individual Voluntary Arrangement is right for you MONEY ADVICE LIFESTYLE BUDGETING

DMP or IVA? We ll help you decide if a Debt Management Plan or an Individual Voluntary Arrangement is right for you MONEY ADVICE LIFESTYLE BUDGETING DMP or IVA? We ll help you decide if a Debt Management Plan or an Individual Voluntary Arrangement is right for you BUDGETING LIFESTYLE MONEY ADVICE START LIVING AGAIN WELCOME TO PAYPLAN At PayPlan, we

More information

A Guide for Creditors

A Guide for Creditors A Guide for Creditors Contents 1. About this guide... 3 2. What is The Insolvency Service?... 3 3. What is insolvency?... 3 4. What are the insolvency procedures?... 4 5. Who deals with the insolvency

More information

Important information to help people in mortgage arrears

Important information to help people in mortgage arrears Important information to help people in mortgage arrears September 2015 Contents Talk to your Lender Talk to your Lender 3 Explore your Options 4 Contact a Trusted Third Party for Advice - MABS (Money

More information

APPLICATION FOR FINANCIAL ASSISTANCE

APPLICATION FOR FINANCIAL ASSISTANCE APPLICATION FOR FINANCIAL ASSISTANCE BEFORE COMPLETING THE APPLICATION FORM, PLEASE CAREFULLY READ THE NOTES BELOW. When you have completed the application form, you should detach these notes and keep

More information

customer debt recovery

customer debt recovery policy customer debt recovery Responsible Officer: Assistant Chief Executive Neighbourhoods Approved: March 2017 Review Date: August 2015 Version: 2 Date Ratified: March 2011 Scope: Incommunities Incommunities

More information

In Debt? Dealing with your creditors Call: 0800 157 7330 or 01257 251319 www.debtproblemsuk.com

In Debt? Dealing with your creditors Call: 0800 157 7330 or 01257 251319 www.debtproblemsuk.com Debtfocus Business Recovery & Insolvency Ltd In Debt? Dealing with your creditors Call: 0800 157 7330 or 01257 251319 www.debtproblemsuk.com Content highlights Before you read this guide in detail, you

More information

CONSULTATION RESPONSE

CONSULTATION RESPONSE CONSULTATION RESPONSE Bankruptcy law reform May 2012 Introduction The FSB is Scotland s largest direct-member business organisation, representing around 20,000 members. The FSB campaigns for an economic

More information

OSCr. SCIOs: A Guide. Guidance on the Scottish Charitable Incorporated Organisation for charities and their advisers

OSCr. SCIOs: A Guide. Guidance on the Scottish Charitable Incorporated Organisation for charities and their advisers SCIOs: A Guide Guidance on the Scottish Charitable Incorporated Organisation for charities and their advisers Page : 02 SCIOs: A Guide 2011 Page : 03 SCIOs: A Guide 2011 Contents Page 1. What is a SCIO?

More information

Glossary of terms. Bond Quasi fidelity insurance needed by a person who acts as an insolvency practitioner.

Glossary of terms. Bond Quasi fidelity insurance needed by a person who acts as an insolvency practitioner. Glossary of terms Administration Order a) A Court order placing the company that is, or is likely to become, unable to pay its debts under the control of an administrator following an application by, inter

More information

Alternatives to Bankruptcy

Alternatives to Bankruptcy www.insolvency.gov.uk Alternatives to Bankruptcy Bankruptcy is a serious matter. If you are made bankrupt you will have to give up, with limited exceptions, any possessions of value and your interest

More information

The Debt Arrangement Scheme Improving Access

The Debt Arrangement Scheme Improving Access Consultation by the Scottish Government Submission from the Association of British Credit Unions Limited (ABCUL) Details Name Frank McKillop Job Title Policy Officer (Scotland) Organisation Association

More information

Money Matters: What you need to know about debt. What is debt?

Money Matters: What you need to know about debt. What is debt? What is debt? Debt is a sum of money owed to another person or organization. A debt can be in the form of a: Bank loan Rent arrears Utility bill debts Over draft with bank account Failure to pay council

More information

Debt Solution Overview 2

Debt Solution Overview 2 Contents Debt Solution Overview 2 Debt Management What is a Debt Management Plan? 3 What are the benefits of a Debt Management Plan? 3 How does it work? 3 What debts can be included in a plan? 4 What debts

More information

Debt Advice Self help guide

Debt Advice Self help guide Advice Shop Debt Advice Self help guide If you are having problems with debts, making ends meet and paying your bills, then this guide is for you. It explains the steps you can take to sort out your money

More information

Debt Options Information guide

Debt Options Information guide Debt Options Information guide Debt & Money Advice Support CIC (DMAS CIC) is authorised and regulated by the Financial Conduct Authority FRN: 631799. A company registered in England & Wales 9203918. 1

More information

Unofficial Consolidation

Unofficial Consolidation CENTRAL BANK (SUPERVISION AND ENFORCEMENT) ACT 2013 (SECTION 48) (LENDING TO SMALL AND MEDIUM-SIZED ENTERPRISES) REGULATIONS 2015 (S.I. No. 585 of 2015) Unofficial Consolidation This document is an unofficial

More information

This guide has been produced by the Insolvency Service with the help and support of the IVA Standing Committee. The Insolvency Service would like to

This guide has been produced by the Insolvency Service with the help and support of the IVA Standing Committee. The Insolvency Service would like to This guide has been produced by the Insolvency Service with the help and support of the IVA Standing Committee. The Insolvency Service would like to thank the members of the IVA Standing Committee for

More information

osb.ic.gc.ca All about Bankruptcy Mediation

osb.ic.gc.ca All about Bankruptcy Mediation osb.ic.gc.ca All about Bankruptcy Mediation All about Bankruptcy Mediation This brochure provides basic information on the mediation process. It does not provide detailed legal advice. For additional information

More information

Taxes are dealt with and collected by HM Revenue and Customs (HMRC). There are different types of tax, which include those listed below.

Taxes are dealt with and collected by HM Revenue and Customs (HMRC). There are different types of tax, which include those listed below. Freephone 0800 197 6026 www.businessdebtline.org Income tax debt What this fact sheet covers This fact sheet tells you about how to deal with income tax arrears owed to HM & and Customs (HMRC). It explains

More information

DRN. Guide to a Debt Relief Notice

DRN. Guide to a Debt Relief Notice nseirbhís Dócmhainneachta na héirea DRN Guide to a Debt Relief Notice n Insolvency Service of Ireland A Debt Relief Notice enables an eligible insolvent debtor with limited disposable income and assets

More information

Cheshire West & Chester Council

Cheshire West & Chester Council Cheshire West & Chester Council Debt recovery code of practice 1.0 Introduction 1.1 This code of practice underpins Cheshire West and Chester Council s corporate debt policy and sets out the approach adopted

More information

GUARANTEE (Prime Rate)

GUARANTEE (Prime Rate) GUARANTEE (Prime Rate) TERMS YOU NEED TO KNOW In this document, the terms below have the following particular meanings: (a) Credit Document means any present or future agreement between us and the Customer

More information

The Personal Insolvency Landscape

The Personal Insolvency Landscape The Personal Insolvency Landscape December 2014 Introduction A successful personal insolvency regime must strike the right balance: on the one hand, it should allow people to get back on their own two

More information

DRN. Debt Solutions Scenarios Pack

DRN. Debt Solutions Scenarios Pack DRN Debt Solutions Scenarios Pack TO HELP EXPLAIN SOME OF THE CONCEPTS CONTAINED IN THE PERSONAL INSOLVENCY LEGISLATION, THE INSOLVENCY SERVICE OF IRELAND HAS CREATED SOME POSSIBLE SCENARIOS TO ILLUSTRATE

More information

INSOLVENCY PRACTITIONERS ASSOCIATION CERTIFICATE OF PROFICIENCY IN PERSONAL INSOLVENCY. SCOTLAND Examination 6 June 2014

INSOLVENCY PRACTITIONERS ASSOCIATION CERTIFICATE OF PROFICIENCY IN PERSONAL INSOLVENCY. SCOTLAND Examination 6 June 2014 INSOLVENCY PRACTITIONERS ASSOCIATION CERTIFICATE OF PROFICIENCY IN PERSONAL INSOLVENCY SCOTLAND Examination 6 June 2014 INSOLVENCY (3 HOURS) Part A: Part B: Part C: Part D: All questions to be answered

More information

Consumer lending. terms and conditions

Consumer lending. terms and conditions Consumer lending terms and conditions 1 Important information Who we are Teachers Mutual Bank Limited ABN 30 087 650 459 AFSL/Australian Credit Licence 238981. In this document, the Bank, we, us and our

More information

BANKRUPTCY AND DEBT ADVICE (SCOTLAND) BILL: STAGE 1 SUBMISSION FROM MONEY ADVICE TRUST

BANKRUPTCY AND DEBT ADVICE (SCOTLAND) BILL: STAGE 1 SUBMISSION FROM MONEY ADVICE TRUST BANKRUPTCY AND DEBT ADVICE (SCOTLAND) BILL: STAGE 1 SUBMISSION FROM MONEY ADVICE TRUST About the Money Advice Trust The Money Advice Trust (MAT) is a charity formed in 1991 to increase the quality and

More information

KEY MORTGAGE INFORMATION & EXPLANATIONS

KEY MORTGAGE INFORMATION & EXPLANATIONS KEY MORTGAGE INFORMATION & EXPLANATIONS THE SOCIETY Within this document reference to we us and our refers to the Society, full details of which are: Tipton & Coseley Building Society, 70 Owen Street,

More information

Trustees and Liquidators in Bankruptcies and Compulsory Liquidations

Trustees and Liquidators in Bankruptcies and Compulsory Liquidations Trustees and Liquidators in Bankruptcies and Compulsory Liquidations Information on the appointment, functions, powers and payment of trustees and liquidators, and their complaints procedure. Contents

More information

EXECUTIVE NOTE THE BANKRUPTCY (CERTIFICATE FOR SEQUESTRATION) (SCOTLAND) REGULATIONS 2010 SSI 2010/397

EXECUTIVE NOTE THE BANKRUPTCY (CERTIFICATE FOR SEQUESTRATION) (SCOTLAND) REGULATIONS 2010 SSI 2010/397 EXECUTIVE NOTE THE BANKRUPTCY (CERTIFICATE FOR SEQUESTRATION) (SCOTLAND) REGULATIONS 2010 SSI 2010/397 The above instrument was made in exercise of the powers conferred by sections 5(2B)(c)(ib) and 5B(5)(a),

More information

South Lanarkshire Council Debt Recovery Policy

South Lanarkshire Council Debt Recovery Policy South Lanarkshire Council Debt Recovery Policy If you need this information in another language or format, please contact us to see how we can best meet your needs. Phone 0303 123 1015 or email equalities@southlanarkshire.gov.uk

More information

Business Banking. Terms and Conditions. Liquidity Manager Notice Account Business Customers

Business Banking. Terms and Conditions. Liquidity Manager Notice Account Business Customers Business Banking Terms and Conditions Liquidity Manager Notice Account Business Customers LIQUIDITY MANAGER NOTICE ACCOUNT TERMS These terms apply to the following Accounts provided by The National Westminster

More information

D. MANNING & ASSOCIATES INC. Suite 520-625 Howe Street Vancouver, B.C. V6C 2T6. Telephone: (604) 683-8030 Fax: (604) 683-8327

D. MANNING & ASSOCIATES INC. Suite 520-625 Howe Street Vancouver, B.C. V6C 2T6. Telephone: (604) 683-8030 Fax: (604) 683-8327 D. MANNING & ASSOCIATES INC. Suite 520-625 Howe Street Vancouver, B.C. V6C 2T6 Telephone: (604) 683-8030 Fax: (604) 683-8327 URL: http://www.manning-trustee.com PERSONAL INSOLVENCY HANDOUT FOR CONSUMER

More information

Take Control of Your Debt

Take Control of Your Debt Student Services Funding & Advice Take Control of Your Debt SUCCESS...We ll help you achieve it! @UWS_Funding TAKE CONTROL OF YOUR DEBT Borrowing money can be an inevitable part of life. It is important

More information

Please read and sign the following. This is to confirm you have received and read all of the. Client ID: EDS <<ClientID>> Version 2.5.

Please read and sign the following. This is to confirm you have received and read all of the. Client ID: EDS <<ClientID>> Version 2.5. Terms and Conditions of Business Please read and sign the following. This is to confirm you have received and read all of the Terms and Conditions of Business. Client ID: EDS Version 2.5.7

More information

Bankruptcy and Debt Advice (Scotland) Bill [AS PASSED]

Bankruptcy and Debt Advice (Scotland) Bill [AS PASSED] Bankruptcy and Debt Advice (Scotland) Bill [AS PASSED] CONTENTS Section Advice and education 1 Sequestration of estate of living debtor: money advice 2 Financial education for debtor Payments by debtor

More information

Limited companies. Identifying a limited company. Liability for limited company debts. Information: formal insolvency proceedings.

Limited companies. Identifying a limited company. Liability for limited company debts. Information: formal insolvency proceedings. This fact sheet gives information about private limited companies. We will use the terms limited company and company for the rest of this fact sheet. We explain the responsibilities of limited company

More information

General Mortgage Conditions

General Mortgage Conditions General Mortgage Conditions 2015 (England and Wales) 0800 298 5714 precisemortgages-customers.co.uk Contents Condition Number Page Number Part 1: Understanding These Conditions 4 1 Definitions 4 Part 2:

More information

The Basics of Bankruptcy and Insolvency Law. Jeffrey C. Carhart

The Basics of Bankruptcy and Insolvency Law. Jeffrey C. Carhart The Basics of Bankruptcy and Insolvency Law Jeffrey C. Carhart TYPES OF INSOLVENCY PROCEEDINGS Liquidation in Bankruptcy Proposals in Bankruptcy involving re-organizations or going concern sales Re-organizations

More information

Guide to Insolvency Statistics

Guide to Insolvency Statistics Guide to Insolvency Statistics Last reviewed: April 2016 Contents 1. Introduction... 3 2. Company insolvency in the United Kingdom... 4 2.1 Introduction... 4 2.1.1 Types of company insolvency... 4 2.2

More information

Money Management Team Limited Limited Service & Fee Agreement

Money Management Team Limited Limited Service & Fee Agreement Money Management Team Limited Limited Service & Fee Agreement These Terms of Business set out the agreement between you and us. Please ensure that you read them all carefully. If you do not understand

More information

Factoring Chasing the Debt. Fiona Greer, Associate

Factoring Chasing the Debt. Fiona Greer, Associate Factoring Chasing the Debt Fiona Greer, Associate Recovery Can you pursue the debt? - Element of prescription - Any debt over five years old will have expired How do I recover the debt? Notice of Potential

More information

COMPANIES REGISTRY NOTES FOR GUIDANCE ON LIQUIDATION AND INSOLVENCY. DEPARTMENT of ENTERPRISE, TRADE and INVESTMENT CONTENTS INTRODUCTION

COMPANIES REGISTRY NOTES FOR GUIDANCE ON LIQUIDATION AND INSOLVENCY. DEPARTMENT of ENTERPRISE, TRADE and INVESTMENT CONTENTS INTRODUCTION DEPARTMENT of ENTERPRISE, TRADE and INVESTMENT COMPANIES REGISTRY NOTES FOR GUIDANCE ON LIQUIDATION AND INSOLVENCY CONTENTS INTRODUCTION 1. General information 2. Voluntary arrangements 3. Administration

More information

Trust Deed Equivalents in Australia, Canada and the U.S.

Trust Deed Equivalents in Australia, Canada and the U.S. Trust Deed Equivalents in Australia, Canada and the U.S. Australia A personal insolvency agreement (PIA) under Part X of the Bankruptcy Act 1966 is a way for a debtor to come to an agreement with their

More information

EDf EnErGY trust. APPLiCAtion for financial ASSiStAnCE WHO CAN APPLY FOR A GRANT? HOW CAN THE TRUST HELP?

EDf EnErGY trust. APPLiCAtion for financial ASSiStAnCE WHO CAN APPLY FOR A GRANT? HOW CAN THE TRUST HELP? EDf EnErGY trust APPLiCAtion for financial ASSiStAnCE BEforE CoMPLEtinG the APPLiCAtion form, PLEASE CArEfULLY read the notes BELoW. When you have completed the application form, you should detach these

More information

Council Tax Debt Recovery Policy

Council Tax Debt Recovery Policy Council Tax Debt Recovery Policy Updated: Ian Johnson June 2016 Introduction This policy outlines the recovery process for Council Tax and highlights the various stages that lead to the court issuing a

More information

Housing Benefit and Council Tax Benefit overpayments guide

Housing Benefit and Council Tax Benefit overpayments guide Housing Benefit and Council Tax Benefit overpayments guide The Housing Benefit and Council Tax Benefit overpayments guide has been archived. The new Housing Benefit overpayments guide is at: https://www.gov.uk/government/publications/housing-benefit-overpayments-guide

More information

In Debt. Dealing with your creditors

In Debt. Dealing with your creditors In Debt Dealing with your creditors 0 This guide has been produced by the Insolvency Service with the help and support of the IVA Standing Committee. The Insolvency Service would like to thank the members

More information

2. The purpose of bankruptcy proceedings is to provide an orderly method of distributing the assets of such a person fairly among creditors.

2. The purpose of bankruptcy proceedings is to provide an orderly method of distributing the assets of such a person fairly among creditors. Miles and Dowler, A Guide to Business Law 21st edition Study Aid Chapter summaries Chapter summary ch 17 debt recovery and bankruptcy A. The purpose of bankruptcy proceedings 1. An insolvent person is

More information

LIMITED LIABILITY PARTNERSHIP ACT

LIMITED LIABILITY PARTNERSHIP ACT CAP. 30A LAWS OF KENYA LIMITED LIABILITY PARTNERSHIP ACT CHAPTER 30A Revised Edition 2012 [2011] Published by the National Council for Law Reporting with the Authority of the Attorney-General www.kenyalaw.org

More information

STATEMENT OF INSOLVENCY PRACTICE 3.3 (SCOTLAND)

STATEMENT OF INSOLVENCY PRACTICE 3.3 (SCOTLAND) STATEMENT OF INSOLVENCY PRACTICE 3.3 (SCOTLAND) TRUST DEEDS INTRODUCTION 1. A Trust Deed is a voluntary deed granted by a debtor whereby the debtor conveys all or part of his estate to a named Trustee

More information

NOTE - This document is provided for guidance only and does not purport to be a legal interpretation. PERSONAL INSOLVENCY ACT 2012

NOTE - This document is provided for guidance only and does not purport to be a legal interpretation. PERSONAL INSOLVENCY ACT 2012 Background to and purpose of the Act PERSONAL INSOLVENCY ACT 2012 EXPLANATORY MEMORANDUM The Act provides for the reform of personal insolvency law and will introduce the following new non-judicial debt

More information

Comparison of a Debtor s Options

Comparison of a Debtor s Options Comparison of a Debtor s Options Individual Voluntary Arrangement (IVA) An IVA is an alternative to bankruptcy. It is a contract between a debtor and his/her creditors on which creditors will reasonably

More information

Alternatives to bankruptcy

Alternatives to bankruptcy Alternatives to bankruptcy Contents Introduction... 3 You do not have to become bankrupt just because you are in debt.... 3 Informal Arrangements?... 3 Informal arrangements, also known as 'family arrangements'

More information

A guide explaining all you need to know about doing an IVA (Individual Voluntary Arrangement) ndr

A guide explaining all you need to know about doing an IVA (Individual Voluntary Arrangement) ndr A guide to IVAs A guide explaining all you need to know about doing an IVA (Individual Voluntary Arrangement) Contents Part 1 Overview 3 Guide overview Part 2 IVAs 4 What is an IVA? How does an IVA work?

More information

DEFERRED PAYMENT AGREEMENT. Information Pack for our service users and their families or representatives

DEFERRED PAYMENT AGREEMENT. Information Pack for our service users and their families or representatives 12 WEEK PROPERTY DISREGARD PERIOD AND THE DEFERRED PAYMENT AGREEMENT Information Pack for our service users and their families or representatives What is the 12 week Property Disregard Period? The Council

More information