Sequestration

A form of insolvency used only as a last resort and when an individual is genuinely unable to meet their unsecured debt obligations in any way.
What is Sequestration?

Sequestration is the term used for Bankruptcy in Scotland. This is a formal insolvency process for those who have an amount of debt which they cannot realistically repay. In a bankruptcy, most debt types are written off.

Sequestration can be declared voluntarily by an individual who wishes to start afresh, Creditors can also force a party into sequestration in order to see debts they are owed repaid partially or in full.

A creditor can follow this route if they are owed at least £3,000, which is the minimum threshold of debt required to sequestrate an individual.

The Pros of Sequestration
The Cons of Sequestration
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