Sequestration

 

Sequestration is simply the Scottish word for bankruptcy and refers to a process whereby a Trustee is appointed to manage the financial affairs of an individual and ensure the payment of a dividend to creditors where possible.

An individual can apply for their own sequestration or a creditor can petition the Court if they have an outstanding debt of more than £3,000.

Many people have an understanding of bankruptcy that is far from accurate. If used properly, bankruptcy can be a positive experience for many individuals.  That is not to say that the process is one to be entered lightly and there can be, and often are, significant consequences.

In our experience most people refuse to consider sequestration as an option as they are scared that they will lose their family home, that their employers will find out or that they will be 'blacklisted' and not able to obtain credit in the future.  The reality is that whilst a sequestration will have a significant impact on most people,  their concerns can usually be addressed by simply ensuring that they are aware how the process works and how it will affect them.

As every individual has a unique set of circumstances, it is not possible to provide detailed information on this website and we would encourage you to contact us.  You can speak to an experienced and sympathetic member of staff in confidence and with no pressure.  Alternatively further information is available from the website of the Accountant in Bankruptcy or by clicking here.