Sequestration - (Scotland Only)
Sequestration is the Scottish equivalent to Bankruptcy
1: In order to enter into Sequestration in Scotland, a debtor must apply to the office of the accountant in bankruptcy or the state, no longer is it the Sherrif court for voluntary petitions.
2: You must owe more than £1500 - A voluntary petition for Sequestration will cost £200.
3: A petition for Sequestration has to be presented to a court to obtain a Sequestration order, this can be done by a debtor (possibly you) which is a voluntary petition for Sequestration or by a creditor which is a creditors petition for Sequestration.
4: If a petition for Sequestration has been placed against you it is important that you comply or co-operate with the proceedings. The order for Sequestration can still be made if the debtor ignores or does not acknowledge the petition.
5: Sequestration restrictions will apply for 12 months and the debtor is then considered discharged from Sequestration.
6: If disputing the claims of a creditor, a debtor should try and negotiate before being Sequestered, attempted at a later date once Sequestered could be expensive and difficult.
7: Entering Sequestration is not possible for everyone and circumstances dictate if it is viable or correct. You should not lie to a court at any time!
8: If reckless or irresponsible behaviour can be found in a debtors actions prior to applying for Sequestration, the Sequestration period can be extended.