Protected Trust Deed Working Group
09/03/2010
Wednesday, 10 March 20 10, will mark the first meeting of the Protected Trust Deed Working Group (PTDWG) and the ongoing commitment of the Scottish Government to ensure that debt solutions in Scotland meet the right level of help, support and justice for all concerned.
The PTDWG chaired by Rosemary Winter-Scott, The Accountant in Bankruptcy, has been tasked by Scottish Ministers to make recommendations for a coherent approach including, if appropriate, legislative and non legislative measures that will ensure the PTD process in Scotland is fit for purpose and strikes the best possible balance between the needs of debtors and the rights of creditors.
Following the implementation of the Bankruptcy and Diligence etc (Scotland) Act 2007, a review of the PTD process was conducted in 2009. Among its findings, the review concluded that further consultation with stakeholders should be undertaken to develop a more cost effective PTD process which would best serve the needs of both debtors and creditors. The Protected Trust Deed Working Group (PTDWG) has been set up in acknowledgement of this recommendation.
Bringing together a cross-section of debt relief and debt management experts, representatives from the advice sector, creditors, insolvency practitioners and Accountant in Bankruptcy (AiB) officials will review the current PTD arrangements, and examine evidence collected from AiB's 2009 PTD Review alongside other relevant analysis undertaken in Scotland.
The Group will explore:
the current issues and problems identified with some or all of Protected Trust Deeds;
the potential to identify and develop alternative models for the delivery of Protected Trust Deeds in Scotland which can best meet creditor and debtor needs; and
the best ways of alleviating any identified problems with Protected Trust Deeds.
Specific issues to be covered include:
The Protected Trust Deed process - is it effective and can it be improved?
How best to address the creditors interest - in terms of the return/dividend;
How best to address the debtors interest - in terms of the cost, the process, the upshot;
The fees - existing evidence, stakeholder concerns and alternative options;
Existing regulation and the supervisory role
The need for change and any options for change.
A final report of the group's recommendations will be published and submitted to Scottish Ministers for consideration and inclusion in any later public consultations.
The Minutes of the PTDWG will be published regularly along with copies of the papers discussed at each meeting to allow interested parties to contribute either through your sector representative or directly to the PTDWG secretariat by emailingAIB@aib.gsi.gov.uk
All papers will be available one week after each meeting. The meeting s are scheduled for:
10 March 2010
31 March 2010
21 April 2010
12 May 2010
2 June 2010
Full information on the remit of the PTDWG and access to minutes and papers (when published) is available on our site by following the links provided. If you have any queries on the PTDWG or are unable to contact your sector representative, please contact AiB and we will aim to put you in touch or contribute on your behalf.