Discussions are ongoing re proposed/planned/suggested changes to Trust Deeds.

Key points are to introduce legislative and non legislative changes and the undernoted is a summary of those suggested. I can hopefully expand on any point if anyone requires any additional info:

ÔÇó Proposed change in Legislation to stop pre existing wage
arrestments in a PTD. Currently these are not stopped in a
Trust Deed unlike bankruptcy.

ÔÇó Introduction of Income Payment Order to force payment from
non payers similar to bankruptcy.

ÔÇó Possibility of introducing a cheaper simplified Trust Deed.

ÔÇó Remove requirement to advertise in Edinburgh Gazette similar
to Sequestration and for notice to appear in Register of
Insolvencies.

ÔÇó Introduce standard format for documents to creditors and
common financial statement.

ÔÇó Tighten up on position with equity to freeze equity on day
one and avoid re valuations on years 2, 3 or later. This I
suspect may make the '£500 bond for future equity' obsolete.

ÔÇó Legislation to ban payment from Social Security benefits.

ÔÇó Fixed time scale for creditors claims.

Mark