Sharon McDougall - 5th February 2025 - 3 minutes to read
When you’re struggling to repay unsecured debt and see no way out of a dire financial situation, personal bankruptcy can seem like the only option.
This process is known in Scotland as sequestration, and involves handing over your assets to a Trustee who sells them in order to repay your creditors.
It is possible to apply for your own sequestration under certain conditions, and for some people this is the only way to bring to an end a period of significant worry and stress. There are two different avenues into sequestration when applying for yourself, one of which is called the Minimal Asset Process, or MAP.
Both routes have specific eligibility criteria, and need the input of an approved money advisor to identify whether there are better alternatives available that would help you deal with your debt.
Get a rough indication of what your repayments might be under each of our different debt solutions.
How to enter sequestration under the full administration route, as opposed to MAP?
The process of applying for sequestration is relatively straightforward, and involves the completion of a debtor’s petition form. This form is sent to the court along with the Certificate of Sequestration which proves your insolvency – the certificate is valid for 30 days from the date of issue. Your money advisor will be able to assist you in completing the form, and advise on procedures once the court has granted your sequestration.
Scotland Debt Solutions works solely on behalf of Scottish residents and can offer further guidance on the sequestration process. Call one of our experts to arrange a free same-day meeting in complete confidence at one of five offices around Scotland.
Sharon McDougall
Manager
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Sequestration is the Scottish version of bankruptcy and may be suitable for you if you do not have the money to pay back your debts
Find out MoreA Trust Deed involves making a monthly contribution to your debts for up to four years. After this time any remaining debt included in the Trust Deed will not need to be paid.
Find out MoreA Debt Arrangement Scheme (DAS) lets you pay off your debt through a series of manageable instalments over a reasonable length of time.
Find out MoreWhether you are a sole trader or a limited company director, we can help you work through your current financial problems including money owed to HMRC
Business Debts in ScotlandOur Insolvency Practitioners are regulated by ICAS or the IPA and our firm is authorised and regulated by the Financial Conduct Authority
We have FCA authorisation for advice relating to Debt Arrangement Schemes and we are regulated by the ICAS and IPA when giving advice as an insolvency practitioner leading to our appointment in formal insolvency proceedings
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