Notes for Guidance - Protected Trust Deeds - Bankruptcy (Scotland) Act 2016

In January 2020, the Scottish Government Economy, Energy and Fair Work Committee conducted a short focused inquiry into Protected Trust Deeds (PTDs). Following submissions from all stakeholder groups, the report confirming the Committee recommendations was published on 21 May 2020.

The Scottish Government published its response to the Committee report on 15 October 2020. There was agreement from all parties that there are some operational changes which AiB, in agreement with our trustees and creditors, can introduce in the short-term to improve existing processes and fill any gaps identified in the report.

The PTD Protocol document has been created by the PTD Protocol Working Group which includes trustees, creditors and RPB representatives. The protocol sets out changes to operational processes promoting good practice, improving transparency in the PTD process and provides further clarity in support of the AiB PTD Notes for Guidance for debtors, creditors and trustees to manage expectations in a PTD.

It is important to note there is no legislative requirement for trustees to follow this protocol. However, AiB hopes that trustees will find the changes helpful and actively agree to the terms. The PTD protocol documents and a list of trustees who have agreed to adhere to this, can be found on the PTD Protocol section.

For AiB to assess the effectiveness of these changes and report feedback and outcomes to our Minister, trustees are being asked to proactively consent to the terms of the protocol and revert to the PTD team of AiB. This will allow us to conduct our supervisory role accordingly in terms of those who have agreed to the terms of the protocol, and those who have not. Consent from trustees will allow AiB to more accurately assess the outcomes of the protocol which may then assist with discussions on legislative reform.