The Protected Trust Deeds (Scotland) Amendment Regulations 2016

Scottish Statutory Instruments

2016 No. 399

Insolvency

Bankruptcy

Debt

The Protected Trust Deeds (Scotland) Amendment Regulations 2016

Made

24th November 2016

Coming into force

30th November 2016

The Scottish Ministers make the following Regulations in exercise of the powers conferred by sections 72(1A) and paragraph 5 of schedule 5 of the Bankruptcy (Scotland) Act 1985(1) and all other powers enabling them to do so.

In accordance with sections 72(2) of that Act(2), a draft of this instrument has been laid before and approved by resolution of the Scottish Parliament.

Citation and commencement

1.  These Regulations may be cited as the Protected Trust Deeds (Scotland) Amendment Regulations 2016 and come into force on 30th November 2016.

Amendment of forms for trust deeds executed on or after 28th November 2013 but before 30th November 2016

2.—(1) The Protected Trust Deeds (Scotland) Regulations 2013(3) are amended as follows.

(2) In the schedule (forms to be used in connection with protected trust deeds)—

(a) in column 2 of the table of forms(4), for the entry for Form 4 substitute “Trustee’s annual statement report on protected trust deed management”; and

(b) for—

(i) Form 4 (trustee’s statement of status of a protected trust deed)(5);

(ii) Form 5 (application for discharge of debtor);

(iii) Form 6 (application to creditors for discharge of the trustee of a protected trust deed)(6); and

(iv) Form 7 (trustee statement of realisation and distribution of estate under a protected trust deed)(7),

substitute respectively Forms 4, 5, 6 and 7 set out in the schedule to these Regulations.

  PAUL WHEELHOUSE    

Authorised to sign by the Scottish Ministers

St Andrew’s House,

Edinburgh

24th November 2016

Regulation 2

SCHEDULE Forms to be used in connection with protected trust deeds

EXPLANATORY NOTE

(This note is not part of the Regulations)

These Regulations amend Forms 4, 5, 6 and 7 used in relation to protected voluntary trust deeds entered into by debtors for the benefit of their creditors which were executed on or after 28th November 2013 but before 30th November 2016 prescribed in the Protected Trust Deeds (Scotland) Regulations 2013 (“the PTD Regulations”).

The PTD Regulations are revoked by schedule 9 of the Bankruptcy (Scotland) Act 2016, but continue to apply to these trust deeds under section 234(3) of that Act.

These Regulations make minor changes to Forms, 4, 5, 6 and 7 for trust deeds executed before 30th November 2016 to bring them into line with the forms for trust deeds executed on or after that date governed by the new Regulations made under Part 14 of the Bankruptcy (Scotland) Act 2016 (see section 162 of that Act) in the Protected Trust Deeds (Forms) (Scotland) Regulations 2016 (S.S.I. 2016/398).

These changes do not apply to any trust deed granted before 28th November 2013 by virtue of regulation 31 of the PTD Regulations.

Regulation 26 of the PTD Regulations provides for the electronic delivery of notices or documents.

A Business and Regulatory Impact Assessment has been prepared for these Regulations. Copies can be obtained from the Accountant in Bankruptcy’s website: http://www.aib.gov.uk.

(1)

1985 c.66 (“the 1985 Act”). The 1985 Act is repealed by the Bankruptcy (Scotland) Act 2016 (asp 21; “the 2016 Act), schedule 9, Part 1; by virtue of section 234(3)(a)(ii) and (b) of the 2016 Act the powers to make amendments under which these Regulations are made are not affected by that repeal in so far as they relate to the operation of the 1985 Act in relation to trust deeds executed before 30th November 2016. Section 72(1A) was inserted by the Bankruptcy and Debt Advice (Scotland) Act 2014 (asp 11), schedule 3, paragraph 34(a). Section 73(1) of the 1985 Act contains a definition of “prescribed” relevant to the powers under which these Regulations are made. The functions of the Secretary of State were transferred to the Scottish Ministers by virtue of section 53 of the Scotland Act 1998 (c.46).

(2)

Section 72(2) has been modified by paragraph 5(2) of schedule 3 of the Interpretation and Legislative Reform (Scotland) Act 2010 (asp 10).

(3)

S.S.I. 2013/318, as amended by S.S.I. 2014/290 and S.S.I. 2015/149 and revoked by schedule 9, Part 2 of the 2016 Act, subject to savings in section 234(3)(a)(ii) of the Act.

(4)

The table of forms was amended by S.S.I. 2014/290.

(5)

Form 4 was substituted by S.S.I. 2015/149.

(6)

Form 6 was substituted by S.S.I. 2014/290.

(7)

Form 7 was substituted by S.S.I. 2014/290.