Scotish Trust deeds

The law on insolvency in Scotland is different to England.

In England, an IVA is normally for a period of sixty months, and is administered by a qualified Insolvency Practitioner. This person will give IVA advice before and during the period of the IVA.

In Scotland, the system is referred to as a Trust Deed. By entering into a Trust Deed, a Scottish person will avoid Sequestration, the Scottish equivalent of bankruptcy in England.

The Trust Deed normally lasts for three years, as compared to the five years in England.

A Scottish Trust Deed may only be set up and administered by a qualified Insolvency practitioner based in Scotland