Qualifying criteria
There are several qualifying criteria an applicant must meet for FAB. These include the following.1s8 B(S)A 2016 •The total of the debtor’s debts (including interest) at the date of the application must be £3,000 or over (or other such sum as may be prescribed).
•An award of sequestration has not been made against the debtor in the five years ending on the day before the date the application is made.
•The debtor has obtained the advice of a money adviser.2s4(1) B(S)A 2016 •The debtor has given a statement of undertakings (including an undertaking to pay to the trustee, after the award of sequestration of the debtor’s estate, an amount determined using the common financial tool).
The debtor must:3s2(8) B(S)A 2016 •be ‘apparently insolvent’ (see here); and •have been granted, within the prescribed period, a certificate for sequestration of the debtor’s estate; or
•have granted a trust deed which, by reason of creditors objecting, or not agreeing, to it is not a protected trust deed.
They must pay the fee of £150 (fee waivers are available).