Gaining protected status

◦a list of the client’s assets and liabilities;

◦a statement of the client’s income and expenditure as at the date on which the trust deed was granted (Form 2A);

◦a statement as to the extent to which those assets and that income will not vest in the trustee;

◦a statement as to whether the creditors are likely to be paid a dividend and the amount of the dividend that is expected to be paid (Form 4);

◦a statement that on request the trustee must provide a copy of any valuation of the client’s assests made by a third party, any statement showing the amount due by the client under a security and any document showing the client’s income;

◦a copy of any agreement referred to in section 175(1) of the Act (heritable property);

◦a statement explaining the conditions which need to be fulfilled before the trust deed will become a protected trust deed and the consequences of it so becoming;

◦a statement, in such form as may be prescribed for the purposes of the above, of the trustee’s anticipated realisations from the trust deed;

◦details of any protected trust deed within the six months preceding the notice, whereby they were discharged or refused discharge.