Our Services
Out of your dept with debt problems? If you are in full time employment, we can help.
Are you worried about meeting your monthly financial obligations following a change in circumstances? Having financial difficulties and no obvious way of dealing with them can be very stressful. Have you reached the stage where you receive threatening letters and phone calls from your creditors? It is important that you get professional advice so you know all your options before you decide how to go forward. Frequently, people try to borrow their way out of debt by consolidating debts which can take years to resolve and relies on creditors not pursuing the debt during this time. At Thomson Cooper, our team of Insolvency experts can help you through the process of formally clearing your debts by using one of two methods.
- Protected Trust Deed - this formal, legally binding agreement exists between an individual who is unable to pay his/her creditors and a licensed Insolvency Practitioner (the Trustee). The Trustee will put together a form of proposals to the Creditors for approval and administer the Trust Deed. Provided certain conditions are met, the Trust Deed may be registered as 'protected', this prevents creditors from taking further steps e.g. sequestration (bankruptcy) to recover debts due to them.
- Sequestration - this is the Scottish legal term for bankruptcy. It involves the appointment of a Trustee who may either be a nominated Insolvency Practitioner or the Accountant in Bankruptcy. In a debtor application the Trustee is appointed by the Accountant in Bankruptcy, whereas in a creditor petition it is the Sheriff at the local Sheriff Court. The Trustee has a legal right to the assets of the debtor. The Trustee assesses the individual’s estate and will realise a value for the assets which exist. He will also monitor the debtor’s circumstances with a view to seeking a contribution from their income / earnings for the sequestration estate.
Contact Richard Gardiner on on 01383 628800 or email rgardiner@thomsoncooper.com to arrange a free initial consultation.