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Debt Advice Handbook Scotland 1st ed - with new material

Date of sequestration

• Vesting of the estate

The date of sequestration is the date when sequestration is awarded by the AiB.1s22 B(S)A 2016

This date is important for a number of reasons, including calculating when creditors’ claims are taken from, how much the debt claimed for will be, and when discharge normally happens.

 

1     s22 B(S)A 2016 »

Vesting of the estate

On the date of sequestration, the estate of the client ‘vests’ in the trustee. This means that the estate is legally transferred to the trustee whose duty it is to manage and realise that estate for the benefit of the creditors.1Part 5 B(S)A 2016 This includes moveable and non-moveable assets – ie, money in the bank and property.

The client has a legal duty to inform the trustee of all assets and sign the Statement of Truth (see Appendix 3).

 

1     Part 5 B(S)A 2016 »