Trust Deeds
Trust Deeds
Bankruptcy (Scotland) Act 1985, Schedule 5, Paragraph 5(3)
Notice of Trust Deeds for the Benefit of Creditors by
LINDSAY FLOCKHART AND LISA FLOCKHART
Trust Deeds have been granted by Lindsay Flockhart and Lisa Flockhart, residing at 27 Balmoral Gardens, Livingston, West Lothian, EH54 9EX, on 6 May 2005, conveying (to the extent specified in section 5(4A) of the Bankruptcy (Scotland) Act 1985) their estates to me, Michael D Sheppard, CA, Wylie & Bisset, 168 Bath Street, Glasgow G2 4TP, as Trustee for the benefit of their Creditors generally.
If a Creditor wishes to object to either Trust Deed for the purposes of preventing it becoming a protected Trust Deed (see notes 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: Each Trust Deed will become a protected Trust Deed unless within the period of 5 weeks from 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 Deeds 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 Deeds. 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court decrees for unpaid debts) against the Debtors and confers certain protection upon the Trust Deeds from being superseded by the sequestration of the Debtors’ estates.
Michael D Sheppard, CA, Trustee
Wylie & Bisset, Chartered Accountants, 168 Bath Street, Glasgow G2 4TP.
11 May 2005.