It is the Scottish term for Bankruptcy, a formal arrangement to deal with debts that you are unable to repay with within a reasonable period of time. (Scottish residents only) To qualify, you must have debts of over £3000 and have a certificate for this debt plan. Charge for Payment or Summary Warrant. In addition you must not have been made bankrupt in the past 5 years.
During the sequestration process, a Trustee is given control of all your assets with an option to sell them in order to pay off your creditors which include: