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Scottish Trust Deed Forum
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Topic starter
28/09/2012 10:20 am
Anyone-
In Sequestration, vs pTD, is it true that creditors are not consulted / allowed to object to the process?
I know in pTD the creditors and combination of who is owed the most has to be factored in. Also the creditors need to agree the proposed arrangement and return on total debts.
Do trustees need to inform creditors in sequestration as opposed to consult with them?
28/09/2012 10:31 am
That's right RBSB.
There are rules and regulations to protect creditors, but they don't have any say in whether or not you become bankrupt.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
28/09/2012 11:13 am
Hi RBSB
That is the main difference between both. In Trust Deeds you are requesting creditors to look at a proposal and accept it to allow it to become protected. In sequestration, creditors are advised what they will receive by way of a dividend ( if any) and asked to submit their claim.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
28/09/2012 11:17 am
Thanks to both!
