Scottish residents - Bankruptcy and Sequestration
02 May 2009 - 14:05
Personal bankruptcy for Scottish residents is called Sequestration.
To be sequestrated you must owe at least £1,500 and either:
- one or more of your creditors must have taken you to court to enforce or demand you repay a debt or
- you must have been on a debt payment programme under DAS that has been revoked and one of the creditors in the DPP have been to court and obtained a decree on one of the debts.
This situation is termed Apparently Insolvent.
Apparently Insolvent
If either of the following apply to you then you are apparently insolvent:- If you have not paid within 14 days notice of obtaining a ‘Charge for payment’.
- If you have not paid within 14 days notice of receiving a summary warrant against you to recover rates, Council Tax, other taxes etc.
- If you have not paid within 21 days notice of being served a Statutory Demand for Payment.
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