Sequestration. (Bankruptcy in Scotland)
How can asequestration help me?

Sequestration is a solution that can help you write your debt off in full that would otherwise take years and years to clear.

Sequestration is a form of insolvency and is a formal arrangement. This solution may be the best option if you can’t pay your debts pay within a reasonable timescale.

You can only consider sequestration is you owe more than £3000. And have not be made bankrupt in the last 5 years.

This solution is only available for residents in Scotland the equivalent in the England, Wales and Northern Ireland is called Bankruptcy.

THIS SOLUTON IS ONLY AVAILABLE IN SCOTLAND, THE EQUIVLENT IN ENGLAND AND WALES AND NORTHEN IRELAND IS CALLED BANKRUPTCY.

(Sequestrationadvice overview)

Pros Cons
Creditors are not able to contact you and chase you for monies owed. Your credit rating will be affected for at least 6 years.
All your debts may be completely written off, although in some cases you may be asked to make a contribution. Sequestration may have an impact on your employment. It’s important you check with your employer before you consider this solution.
Sequestration will allow to gain control of your finances also a fresh start. Your Vehicle may be at risk if the value exceeds £3000.
The Insolvency Practitioner will contact and liaise with the creditors on your behalf. You will not be able to act as a company director until you are discharged from the sequestration.

(Key issues to consider with a Sequestration)

Before considering sequestration there are other keys issues you may need to take into consideration.

Sequestration is individual to you if you have any questions or queries please do not hesitate to contact us on free phone 0800 206 1447

Debt Advice UK in-house insolvency practitioners do not appoint Sequestrations these would be passed to an insolvency practitioner’s in Scotland who would handle your case. In this situation debt advice UK may receive a fee for the referral.

If you would like further information on bankruptcy or any other solution please call us on free phone 0800 206 1447

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