A consultation on the protected trust deed (PTD) legislation has been opened by the Accountant in Bankruptcy as part of a review of the regime introduced by the Protected Trust Deed (Scotland) Regulations 2013.
The AiB is keen to hear views on the changes introduced in 2013, and also the issue of equity in the debtor's home, which in some cases significantly outweighs the amount the trustee proposes to ingather to release their interest in that equity.
Among the questions relating to the regulations are whether £5,000 remains an appropriate minimum debt level for a trust deed to be protected; whether four years is an pappropriate minimum period for a PTD, an appropriate period after the PTD being granted for acquired assets to pass to the trustee, and an appropriate minimum period for the debtor to make regular contributions from income; whether any issues arise under the rules for deductions from a debtor's earnings; and what are the appropriate timescales for the payment of dividends.
The consultation will run until 25 April 2016 and all responses will be considered. Responses should be emailed to AIB_Policy_Development_Enquiries@gov.scot, or sent to: Erin McCreadie, AiB, 1 Pennyburn Road, Kilwinning, Ayrshire KA13 6SA.
The AiB aims to issue a report by the end of June 2016.