Bankruptcy (Scotland) Act 2016

[F1 14A Main proceedings in Scotland: undertaking by trustee in respect of assets in another EU member State S

(1) This section applies where a trustee in sequestration or acting under a protected trust deed in main proceedings proposes to give an undertaking under Article 36 of the EU insolvency proceedings regulation in respect of assets located in another member State.

(2) In addition to the requirements as to form and content set out in Article 36 the proposed undertaking must contain—

(a) the heading “Proposed Undertaking under Article 36 of the EU Insolvency Regulation (2015/848)”,

(b) identification details for the main proceedings,

(c) identification and contact details for the trustee, and

(d) a description of the effect of the undertaking if approved.

(3) The proposed undertaking must be delivered to all local creditors in the member State concerned of whose address the trustee is aware.

(4) Where the undertaking is rejected the trustee must inform every creditor known to the trustee of the rejection of the undertaking as soon as reasonably practicable.

(5) Where the undertaking is approved the trustee must as soon as reasonably practicable send a copy of the undertaking to every creditor known to the trustee with a notice—

(a) informing them of the approval of the undertaking, and

(b) describing its effect (so far as they have not already been given this information under subsection (2)(d)).

(6) The trustee may advertise details of the undertaking in the other member State in such manner as the trustee thinks fit.]

Textual Amendments

F1 Ss. 14A, 14B inserted (26.6.2017) by The Insolvency (Regulation (EU) 2015/848) (Miscellaneous Amendments) (Scotland) Regulations 2017 (S.S.I. 2017/210), regs. 1, 4(8) (with reg. 9)