Bankruptcy (Scotland) Act 1985: Section 5, paragraph 5(3)
Notice by Trustee Under a Trust Deed for the Benefit of Creditors
Trust Deed for Creditors by
Shaun Alexander McBride
A Trust Deed has been granted by Shaun Alexander McBride, 86 Esslemont Circle, Ellon, AB41 9XG on 18th February 2003 conveying (to the extent specified in Section 5(4A) of Bankruptcy (Scotland) Act 1985) his estate to me David J Hill, Chartered Accountant, BDO Stoy Hayward, 168 West George Street, Glasgow G2 2PT as Trustee for the benefit of his creditors generally.
If a creditor wishes to object to the trust deed for the purposes of preventing it becoming a protected trust deed (see notes below on the objections required for that purpose) notification of such objection must be delivered in writing to the Trustee within 5 weeks of the date of publication of this Notice in The Edinburgh Gazette.
Notes: The trust deed will become a protected trust deed unless within the period of 5 weeks of the date of publication of this Notice in The Edinburgh Gazette a majority in number or not less than one third in value of the creditors notify the Trustee in writing that they object to the trust deed and do not wish to accede to it.
The effect of this is that paragraphs 6 and 7 of Schedule 5 to the Act will apply to the trust deed. Briefly, this has the effect of restricting the rights of non-acceding creditors to do diligence (ie to enforce court decrees for unpaid debts) against the debtor and confers certain protection upon the trust deed from being superseded by the sequestration of the debtor’s estate.
David J Hill, CA, Trustee
4th March 2003