Reviewed 29th June 2023
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.
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.
Our debt report is completely easy to use and is a great starting point for anyone with over £5000 of debts looking to take control of their debt issues. By providing us with details of your incomings and outgoings we can suggest the most appropriate way forward for you.
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