There are a number of conditions, which must be met before individual bankruptcy in Scotland can be declared:
Debtors must owe £1,500 or more
They must live in Scotland or have lived in Scotland in the last year
They must not have been made bankrupt in the last five years
A creditor is willing to agree to the debtor’s bankruptcy
The debtor is apparently insolvent
Bankruptcy in Scotland
Once the bankruptcy, sometimes called sequestration in Scotland, has been declared, the management of the debtor’s estate is transferred to a trustee who may be the Accountant in Bankruptcy or an insolvency practitioner.
The trustee will then arrange for the sale of the debtor’s assets and use the proceeds to pay the creditors and the costs involved in administering the bankruptcy. This will include a house and other property owned by the debtor. They a
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