Protected trust deeds: improving the process consultation

Part 5: Institute of Chartered Accountants of Scotland Trust Deed Report

5. Simultaneously, whilst being involved in DAF and for a period after, the Institute of Chartered Accountants of Scotland ( ICAS) were also examining the trust deed process outwith this forum. Creditors had raised the issues of trustee fees and absence of standard forms with ICAS. To examine these issues, in January 2009 ICAS convened a meeting to discuss the operation of the trust deed system in Scotland. The meeting was attended by a wide spectrum of stakeholders, including representatives from the AiB, ICAS policy and monitoring officials, creditors, creditor agents, Her Majesty's Revenue and Customs, large and small multi-disciplinary insolvency practitioners ( IP) and trust deed specialists. A working group was appointed to consider the trust deed process in detail and to prepare a report.

5.1 The working group met several times in 2009 and appointed sub groups to consider specific areas. The sub groups reconvened as a working group at a final meeting which was held in January 2010. The recommendations made by the ICAS Trust Deed Working Group were considered by the PTDWG and many of the recommendations were adopted by the group and taken forward in its report.