These Regulations make provision about how voluntary trust deeds entered into by debtors for the benefit of their creditors become protected from action by creditors. They also provide with respect to the consequences of a trust deed being granted that status, the rights of creditors, the discharge of the debtor and trustee from the trust deed, the administration of trust deeds, the conditions which must be met for a debtor to be discharged of debts and obligations under the protected trust deed and appeals against decisions of the Accountant in Bankruptcy. A trust deed has the status of a protected trust deed if: (a) the conditions set out in these Regulations are met; and (b) it is registered under in the register of insolvencies. Also a debtor must not have his or her estate sequestrated in the case that the trustee in the sequestration has not been discharged under section 57 or 58A of the Bankruptcy (Scotland) Act 1985.
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