Articles

Business Debt

What is Company Strike Off?

If you no longer need a limited company, Company Strike Off, also known as Dissolution, is a simple and inexpensive way to close it down.

Trust Deed

What happens to my Trust Deed if I’m unemployed or lose my job?

The typical term of a Trust Deed is four years, so it’s quite possible a debtor’s employment situation will change during this time.

Sequestration

Can I apply for my own sequestration?

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.

DAS

What does the DAS Fair and Reasonable Test entail?

Debt payment programmes (DPPs) are an intrinsic part of the Debt Arrangement Scheme, which allows you to pay off unsecured debt at an affordable rate.

Sequestration

Business Debt

How does sequestration affect being a company director?

Sequestration is a personal insolvency solution akin to bankruptcy. Company directors in Scotland must adhere to specific rules around sequestration.

Debts Included In A Debt Arrangement Scheme

DAS

Which debts can be included in a Debt Arrangement Scheme (DAS)?

A Debt Arrangement Scheme (DAS) is a government backed scheme which allows you to repay debt through contractual, monthly instalments without the threat of legal action and incurring penalties or inte...

Sequestration

Trust Deed

Differences between a Trust Deed and Sequestration (Bankruptcy)

If you’re a Scottish resident and have high levels of unsecured debt that just seem to be spiralling out of control, it’s time to take action and start on the road towards financial recovery.

Trust Deed

What debts can I include in a trust deed?

When it comes to debt, there are two main types which you may be dealing with: secured and unsecured.

Business Debt

Can I be held personally liable for company debts?

One of the benefits of operating a limited company or limited liability partnership is that it separates you, as the business owner, from the company itself.

Sequestration

What is a Bankruptcy Restriction Order? (BRO)

A Bankruptcy Restriction Order may be made against you if it’s believed that you acted dishonestly, recklessly or unlawfully before you were made bankrupt, or during your bankruptcy.

Business Debt

Can I close a company with debts?

One of the benefits of running a private limited company (LTD) or limited liability partnership (LLP) is that you can close the company and not become personally liable for its debts.

DAS

Sequestration

Differences between Sequestration & Debt Arrangement Scheme (DAS)

Whether you’re particularly knowledgeable about trust deeds or you’ve never heard of the process before, it’s crucial to recognise exactly what you’d be entering into.