Register of Insolvencies
The register of insolvencies is a statutory register about the insolvency of individuals and businesses in Scotland.
How is the Creditor involved?
Creditors are involved in a number of ways, including:
Within 60 days of an award of bankruptcy, the trustee has to decide whether or not to call a statutory meeting of creditors. If a meeting is held the creditors present can vote to replace the trustee. If the trustee decides not to call a meeting, creditors can request one and the trustee is obliged to call the meeting if not less than a quarter in value of the creditors (based on the total debt owed) request it.
Other meetings can be called by creditors at any time. A meeting must be held if called by one tenth in number or one third in value (based on the debt owed) of the creditors. A meeting of creditors can issue directions to a trustee but the trustee and other creditors have the right to appeal to the sheriff.
At any meeting of creditors commissioners can be elected.
Commissioners can be elected to generally advise and supervise the administration of the bankruptcy including auditing the trustee's accounts. Commissioners are creditors or their mandated representatives and can be elected at a meeting of creditors. If no commissioners are elected, the Accountant in Bankruptcy performs this function.
Trustees are required to produce accounts at the end of the first year and periodically thereafter until the end of the bankruptcy. Accounts have to be audited by the Accountant in Bankruptcy or elected commissioners. Creditors will be sent copies of a determination of the trustee's outgoings and remuneration. Creditors can ask to see the accounts and can appeal against the determination.
There is also further creditor information available where a debtor has petitioned for their own bankruptcy.