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Scottish Trust Deed Forum
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Topic starter
09/09/2022 11:13 am
Hello,
I entered into a Trust Deed in August 2018. I have finally made my last payment last month and couldn't be happier. I have contracted my Trustee who have informed me I should have a finalisation of payments letter next week but the discharge process may take upto 6 months, which is fine I have already waited long enough.
I need to ask however it's impact on my work. My current work situation means that I could become the new DPS (Designated Premises holder) of my site. I understand that a Premises Licence will lapse when an individual becomes insolvent on...entering into a deed of arrangement made for the benefit of his creditors or a trust deed for his creditors. However I am wondering, as I have reached the end of the Trust Deed and technically I am not entering into a new a agreement, can I still become the new DPS during this discharge process? Thank you
09/09/2022 4:44 pm
Welcome to the forum, and congratulations on completing your Trust deed payments!
I have a feeling that the 6-month timescale you were given will be in relation to your Trustee's discharge. This happens right at the end of the process, whereas your own discharge should happen relatively quickly once you have completed your obligations. Your discharge is notified to you on a "Form 5" and once you have this then you are no longer in a Trust Deed and it should not have any bearing on your ability to hold a licence or be a DPS. Might be worth pushing your trustee to send that to you as soon as possible.
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14/09/2022 10:53 am
Morning
I agree with Kevin, when you fulfil your obligations the Trustee should action the Form 5.
I have had quick look at the legislation -
When the conditions of the Trust Deed are met then the Trustee must send the AIB the Form 5 and the AIB must without delay notify the Trustee of the fact of registration and the date of the debtor's discharge.
I would press this matter to your case administrator and insist upon your Form 5 Discharge.
Let us know how you get on.
p
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