Sequestration: What do I need to know? скачать в хорошем качестве

Sequestration: What do I need to know?

Sequestration is the term for individual insolvency in Scotland. If you're struggling with debt, you can apply for sequestration, or creditors owed £10,000 or more can petition the court to sequestrate an individual. A trustee, a qualified insolvency practitioner, will manage your bankruptcy. Their main role is to realise your assets for the benefit of creditors. They will assess your monthly income and expenses to set a Debtor Contribution Order (DCO) for 48 months, requiring you to pay any surplus income to the trustee. Your income and expenses will be reassessed every 6 months and adjusted accordingly. Sequestration usually lasts for 4 years, the duration of the DCO, but it can be concluded earlier for those unable to make contributions if they can prove their situation won't improve. The trustee is paid from the realised assets, and if there are sufficient assets, creditors will receive a dividend; otherwise, the remaining debt will be written off. #Sequestration #DebtRelief #Insolvency #BankruptcyScotland #DebtHelp