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Sequestration is the Scottish term for Bankruptcy. If your debts are particularly high and / or your income is low, you may need to think about declaring yourself bankrupt.

Like a Trust Deed, bankruptcy is a form of insolvency: it’s a legal process that will share out your assets fairly among your creditors, protect you from further legal action,. The full term will normally last 4 years, however you are generally discharged after 1 year.
If you have decided you want to make yourself bankrupt and you do not meet the conditions set out in the Minimal Asset Process then you must meet the following conditions under full administration:

  • You must owe a total debt of £3,000 or more
  • You must be living in Scotland or have lived in Scotland sometime during the last year
  • You must not have been made bankrupt in Scotland in the last five years
  • You must pay the application fee of £150
  • You have received money advice from an approved money advisor

Pros Vs Cons


  • Once you have been sequestrated, creditors are unable to pursue you or take any legal action against you to recover what they are owed
  • The Insolvency Practitioner will contact your creditors on your behalf
  • Provided you co-operate fully, the Accountant in Bankruptcy may grant your discharge at the end of one year
  • If you are receiving welfare benefits will not be classed as income for the purpose of calculating your monthly contribution
  • Your debts will be written off once you have been discharged


  • Your sequestration will be displayed on an online Register of insolvencies
  • Your credit rating may be affected and may affect your ability to obtain credit in the future
  • If you are given money as a gift, you must inform your Trustee. Depending on the amount you may be required to make this available for your creditors
  • Certain banks will not allow individuals to maintain an existing account after sequestration
  • If you are a homeowner or have assets these could be sold to pay towards your debts

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