Businesses That Apply for Trust Deeds are Given New Lifeline, says Trust Deed Scotland Wednesday 10 December 2014 PDF Print The new government scheme means that business leaders no longer need equate applying for a trust deed with automatic insolvency The reaction follows a report in the Press and Journal detailing a new scheme announced by the Scottish Government that is designed to give business partnerships across Scotland an added lifeline in the event of severe financial difficulty. The Debt Arrangement Scheme (DAS) has now been fully commissioned by the Scottish government after close consultation with the authorities behind the Bankruptcy and Diligence Advice Act. Businesses across the country have welcomed the move as it identifies the fact that while businesses can experience extremely testing financial difficulty, it does not necessarily have to dissolve completely. Through creating an approved Debt Payment Programme (DPP) via the DAS, business partnerships will be able to secure themselves a viable path of business for the coming months, allowing them in to tackle their financial situation accordingly. It is a wholly positive move for those businesses that have or intend to apply for a trust deed, as they are not able to work towards generating more funds in tandem with the support they are receiving from the deed itself. Trust deed officials will be informed by an Insolvency Practitioner (IP) employed by the DAS whether the business partnership can legitimately continue, and a report will be issues to demonstrate their findings. A spokesperson for Trust Deed Scotland, one the leading providers of trust deeds throughout the whole country, has released a statement following the announcement of the new scheme: “The move is an altogether positive one for businesses across the country that find themselves in financial difficulty. Here at Trust Deed Scotland, we are aware of the tough business climate and that companies often need to find extra support to escape from their money problems. “The new government scheme means that business leaders no longer need equate applying for a trust deed with automatic insolvency. Instead, our services here at Trust Deed Scotland can work in tandem with the DAS and help businesses get back on track on their own terms.” Trust Deed Scotland Ltd is the leading debt advisory service for Scottish residents. They are 100% owned and operated in Scotland, with a 98% trustpilot rating owing to their free, qualified debt advice. Knowledgeable about all kinds of debt resolution methods, they are able to advise on the suitability of Trust Deeds and a number of alternatives, including The Debt Arrangement Scheme, Debt consolidation and Sequestration. This press release was distributed by ResponseSource Press Release Wire on behalf of Trust Deed Scotland in the following categories: Personal Finance, Business & Finance, Public Sector, Third Sector & Legal, for more information visit http://pressreleasewire.responsesource.com/about.