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Scottish Trust Deed Forum
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Topic starter
05/10/2013 2:39 pm
I only have 2 creditors. RBS hold majority of my debt between a RBS Loan and RBS CC. I calculate they have 80% of my debt between the loan and CC. A CC from another lender has they remaining 20%.
Does that mean only RBS has to accept the TD for it to become protected or If the company that has 20% of the debt object will it fail because half my creditors have objected.
05/10/2013 3:46 pm
Hi kdog7
Yes, but if the trustee follows the criteria, it will be accepted.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
05/10/2013 3:57 pm
Thanks mark. Is that a yes for 80% in RBS only to accept to be protected or a yes to both having to accept. gets confusing when you read so much lol
05/10/2013 4:14 pm
Sorry, RBS will have the casting vote.
I would be very surprised if it failed as the criteria is key and quite easy to get right.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
07/10/2013 10:15 am
The law is that more than half in number or a third in value of creditors would have to object to cause it to fail. 1 out of 2 creditors is exactly half, not more than half, so if RBS accept and the other doesn't then you are fine, kdog7.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
Topic starter
07/10/2013 1:03 pm
thanks guys. Just waiting on the news now. Seems like forever. All down to RBS then !.
07/10/2013 1:08 pm
Hi kdog7,
All good advisors should know the criteria for the RBS to accept Trust Deed proposals and providing your Trust Deed proposal is within their criteria then there shouldn't be any problems.
When does the 5 week period for objections to be submitted end kdog7?
David is not currently posting in the Trust-Deed.co.uk forum
Topic starter
07/10/2013 1:54 pm
Signed on the 12th Sep and Published in gazette on 20th September. So I think that would make it the 25th October.
07/10/2013 3:56 pm
Nearly half-way there then! Fingers crossed - though as David says, RBS are not a problem to deal with as long as the proposals meet their criteria, which any decent insolvency practitioner should know.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
