What is a protected trust deed in Scotland?
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In short: A voluntary Scottish insolvency agreement where you pay an insolvency practitioner who distributes to creditors. If enough creditors agree, it becomes protected and binds all creditors — an alternative to sequestration when you have regular income.
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Failure to maintain payments can lead to sequestration.
Recorded on Accountant in Bankruptcy registers — affects credit for six years.
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Primary source: aib.gov.uk
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