Trust Deed
(Scotland only)
If you’re owed money by someone with an income and assets, a Trust Deed binding on your debtor can help you to access the money owed to you.Signed by the debtor, a Trust Deed has a duration of around three years. It involves appointment of a Trustee to look after the debtor’s financial affairs – and the Trustee will take over responsibility for dealing with all creditors. At Begbies Traynor, we can take on these Trustee duties in order to pursue the best settlement for you and obtain as much money as is reasonably possible.
Once the Trust Deed is signed, it automatically becomes ‘protected’, preventing you from taking any further action - unless you object. Any payments your debtor has previously been making to you will stop - and instead, the Trustee will pay you from the debtor’s surplus work income, after their day-to-day living expenses have been deducted.
