What happens when I sign a trust deed?
When you sign a trust deed your trustee will:
- advertise your trust deed in the 'Edinburgh Gazette'. The 'Edinburgh Gazette' is a newspaper used by the credit industry. This means that your trust deed will come to the notice of organisations like banks and credit reference agencies;
- write to all your creditors and ask them to agree to your trust deed; and
- if a sufficient proporton of your creditors agree to your trust deed, your trustee will send a copy of it to the Accountant in Bankruptcy.
The Accountant in Bankruptcy will record your trust deed in the Register of Insolvencies. The Register of Insolvencies is a public record.