Chamber and committees

A trustee under a Protect Trust Deed (PTD) can receive a fixed administration fee and an additional fee based on a percentage of funds collected during the trust deed. Legislative reforms introduced in 2013 make it a statutory requirement that these fixed fee arrangements are declared when the initial proposal is circulated to creditors. Once the trustee’s fixed fee has been set, it may only be increased with the consent of creditors or Accountant in Bankruptcy (AiB), the Scottish Government Agency with responsibility for the supervision of PTDs. AiB may, at any time, audit the trustee’s accounts and fix the outlays in the administration of the trust deed. The Scottish Government’s current consultation on PTDs includes options to introduce greater transparency and certainty in PTD administration fees.