Protected Trust Deeds Placed Under Review

2nd July 2010

The “Protected Trust Deed Working Group” has been investigating whether the Protected Trust Deed process in Scotland is fit for purpose and strikes the best possible balance between the needs of debtors and the rights of creditors.

This Working Group, chaired by the Accountant in Bankruptcy (Rosemary Winter-Scott), has been tasked by Ministers to make recommendations for legislative and non-legislative changes needed to Protected Trust Deeds. According to the Accountant in Bankruptcy website “...this forms part of the ongoing commitment of the Scottish Government to ensure that debt solutions in Scotland meet the right level of help, support and justice for all concerned.”

The Group includes representatives from lenders, the insolvency profession, commercial and public debt advisers and the relevant civil servants.

It’s expected that the Group will make recommendations that will help to improve the Protected Trust Deed process itself, that will benefit both debtors and creditors, that address concerns about fee levels and that focus on the regulatory/supervisory aspect of the process.

Anyone interested in learning more about this process can find detailed minutes of the meetings that have already been held on the website of the Accountant in Bankruptcy.

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