Date of sequestration

CPAG

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 »

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Debt Advice Handbook Scotland 1st ed - with new material

Written in partnership with Citizens Advice Scotland, CPAG is delighted to announce the first edition of the Debt Advice Handbook Scotland. Based on CPAG’s best-selling Debt Advice Handbook, it details the stages of the debt advice process in Scotland and the key skills needed to give good advice. No money adviser should be without this essential guide.

The Handbook provides the most comprehensive information needed by advisers on the tools and strategies to help clients with their financial difficulties. It details the key stages of money advice, including on interviewing clients, establishing liability, prioritising debts, preparing a financial statement, negotiating with creditors and dealing with bailiffs. Emphasis is placed on taking due care of vulnerable clients and making sure that any payment arrangements agreed are appropriate. There is a focus on sustainable credit arrangements that do not affect a client’s abilities to pay essential living expenses and priority debts.

It is the go-to tool for specialist debt adviser as a first step in accessing primary legislation and regulations, and is also a reliable guide and training aid for the new debt adviser. Advisers who undertake debt advice alongside other sorts of advice work or other professional disciplines – such as social workers and housing officers – will find this handbook an indispensable resource.

Fully indexed and cross referenced to law, official guidance and to court and tribunal decisions, tactical guidance and examples are included throughou

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CPAG

This content was last updated:2024-10-22

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