WHAT DO THEY MEAN?
Sequestration is the Scottish legal term for personal bankruptcy. It starts when someone in debt (debtor) is declared bankrupt in court. It means that the person who is bankrupt has to hand over the things they own to a trustee. The trustee sells those things to pay off some of the money owed to creditors. The creditors are the people or organisations that are owed money by the debtor. The trustee is the person who handles what the debtor owns for the benefit of the creditors.
If you are sequestrated, it is the duty of the trustee to sell your assets or property and to use the money the trustee gets for them to:
> pay the costs of managing your sequestration; and
> pay your creditors as much as possible of what you owe them.
Your trustee may also need you to make some payment from your income if you have a regular job.