Worried about bankruptcy

coolcait

sourcrates wrote: »

Good pick up, but If that were the case, surely he would of referred to it as sequestration and sherif court, instead of bankruptcy and OR ?

Who knows? There's a lot of jargon for people to deal with - at a time when they're already stressed out their boxes dealing with everything else

So, if a person in Scotland talks about the 'OR' - because that's what everyone else on here talks about - I can understand that they mean the 'Trustee' in the Scottish system.

And I've picked up enough about the English approach to bankruptcy to know that the 'Trustee' in the English system isn't the same as the 'Trustee' in the Scottish system - though there may be some areas of overlap.

Bankruptcy in Scotland is sometimes/often called sequestration. More and more, though, it is called bankruptcy.

There's no Sheriff Court involvement if you're applying for your own bankruptcy (creditors do still have to petition through the courts).

As you have to get advice from a qualified money adviser or Insolvency Practitioner before you apply for bankruptcy, most people just let the adviser or IP do the application for them.

The Accountant in Bankruptcy - Scottish civil service organisation, so closest equivalent to the OR - will be your trustee, unless you nominate an IP to do the job, and they confirm in writing that they accept the nomination.

A lot of people need a Certificate for Sequestration before they apply for bankruptcy. IPs are one of the groups which can issue this certificate.

I don't know whether Greg is in Scotland or not - but the 'four year IPA*' comment made me think that it was worth checking it out.

* Technically it's now a DCO - but lots of people do still talk about an IPA. Or the even older 'contribution'.