New guidance designed to improve communications between creditors and insolvency practitioners, and establish transparency in the process is to be introduced in early 2012, says Scottishtrustdeed.co.uk.
The guidance will form a new Preferred Best Practice code and will be created by the Accountant of Bankruptcy (AiB) with the assistance of creditors and insolvency firms.
By helping facilitate a single approach to dealing with Trust Deeds in Scotland, the guidance will ensure there is a balance between the needs of the debtor and the rights of the creditor, and that the process from start to finish is fit for purpose.
There are many issues with Trust Deeds that can prove confusing to someone in debt. The length of set up is a typical example – there is a perception that the process is very quick, while in reality it can take 6-8 weeks, leaving many individuals feeling panic and worry that things have gone wrong and they will not be...