Protected trust deeds: improving the process consultation

The Accountant in Bankruptcy ( AiB) Protected Trust Deed Guidance

1. Purpose of the AiBPTD Guidance

1.1 The purpose of the AiBPTD Guidance (the Guidance) is to facilitate a common approach to the efficient handling of all Protected Trust Deeds ( PTDs), ensuring that the process is fit for purpose and strikes the best possible balance between the needs of debtors and the rights of creditors. The Guidance recognises that PTDs support a valid Scottish Government policy objective by providing debt relief for debtors in financial difficulty.

1.2 The Guidance recognises that at the centre of this process there is a debtor, who needs to understand the process and the associated paperwork as well as the impact that a PTD will have on their future access to credit and banking facilities. It also recognises the need for the PTD process to become more transparent and to provide a fair and reasonable return to creditors within an acceptable timescale.

1.3 The efficient operation of the PTD process will be scrutinised and reviewed by AiB and the PTD Review Board. The terms of reference of the Review Board are recorded at Annex A.