Sequestration

Old Aug 25th 2020, 1:51 pm
  #1  
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Default Sequestration

Another name in Scots law for Insolvency or Bankruptcy. Mounting debts and declining income have forced me into this. My own folly has led me here but I have to point out that financial institutions extend credit too easily, Secured and unsecured personal debt within the UK ,and the rest of the Western World) is at remarkable levels.

I have no assets so I rest easy in the knowledge that "Ye canna tak the breeks aff a hielandman". I shall continue to wear my kilt and avoid the dangers of wearing breeks or "breeches" as our English relatives call them !

I quote here the very short piece on Wikipedia about Sequestration in Scots Law -
"Bankruptcy in the United Kingdom (in a strict legal sense) relates only to individuals (including sole proprietors) and partnerships. Companies and other corporations enter into differently named legal insolvency procedures: liquidation and administration (administration order and administrative receivership). However, the term 'bankruptcy' is often used when referring to companies in the media and in general conversation. Bankruptcy in Scotland is referred to as sequestration. To apply for bankruptcy in Scotland, an individual must have more than £1,500 of debt."

Last edited by scot47; Aug 25th 2020 at 2:03 pm.
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Old Aug 25th 2020, 2:24 pm
  #2  
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Default Re: Sequestration

I am very sorry to hear that Scot.
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Old Aug 25th 2020, 2:53 pm
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Default Re: Sequestration

Believe me it is better than the financial chaos I was living through ! A liberation. The usurers who lent me the money may see things differently.
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Old Aug 25th 2020, 4:56 pm
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Default Re: Sequestration

Well all the best to you for getting it sorted out. Life goes on.
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Old Aug 25th 2020, 8:21 pm
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Default Re: Sequestration

I'm sorry to hear that.

I can't imagine how stressful that would be, but I hope you are able to go through the process without too much pain or inconvenience. If you don't have much in the way of assets I would hope that the process isn't complex, as there can't be much point if there aren't any assets for creditors to claim.
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Old Aug 25th 2020, 8:54 pm
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Default Re: Sequestration

Yes
Thanks for that
In Scotland the term is "Minimum Asset Insolvency". I no longer have any assets - so i have nothing to lose. I have a small pension and disability benefits, so I can eat and I have a roof over my head !
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