Articles

Trust Deed

What’s the difference between a protected and unprotected Trust Deed?

A protected Scottish Trust Deed is legally binding and provides certainty over repayments, whereas, under an unprotected Trust Deed, repayments can change.

Sequestration

Consequences of sequestration (bankruptcy) in Scotland?

Sequestration is often a last resort for people in serious debt, and one that is taken only after all other options have been exhausted.

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Business Debt

What is an HMRC Time to Pay arrangement?

If you’re struggling with company tax debts, you can make a Time to Pay arrangement with HMRC to repay what you owe over a typical period of six months.

Sequestration

Getting a mortgage after sequestration

Sequestration is a serious form of insolvency action, equivalent to bankruptcy in the UK, which can affect your chances of getting a mortgage.

Trust Deed

Disadvantages of a Scottish Trust Deed

One of the most common debt-help agreements is a trust deed and this in large part due to the number of advantages that the trust deed process brings.

Business Debt

What action can creditors take against my company?

If you are struggling to pay company debts and face increasing pressure and threats of legal action from your creditors, it is a sign that your business is insolvent.

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Business Debt

Overdrawn Directors’ Loan Accounts

A director’s loan account (DLA) can become overdrawn if too much money is taken from the company that isn’t salary or a dividend. Directors’ Loan Accounts are useful when operated with caution,...

Business Debt

What are the risks of trading while my company is insolvent?

The directors of insolvent companies (companies that cannot pay their debts) have a legal duty to act in the best interests of their creditors.

Business Debt

What is an insolvency practitioner?

An insolvency practitioner is a licensed insolvency professional who is qualified to give advice and administer the full range of formal insolvency options.

Trust Deed

Is it possible to enter into a second Trust Deed?

Scottish Trust Deeds help eligible people in debt to repay as much as possible, with the remainder being written off at the end of the term – usually four years.

Business Debt

What are Accelerated Payment Notices and how might it affect you?

The UK government is sending out thousands of Accelerated Payment Notices (APNs) to individual taxpayers and businesses in an attempt to reclaim ‘lost’ tax.

Trust Deed

Can a Trust Deed affect my job or employment status?

Whether being in debt affects an employment contract is a serious concern for many people.