Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

Why is a Protected Trust Deed a legally binding agreement?

April 26, 2017Agreement Binding deed legally protected Trust

0

Posted

Why is a Protected Trust Deed a legally binding agreement?

1 Answer

0

Posted

The Protected Trust Deed forms part of the Bankruptcy Scotland Act 1985 amended April 2008. A Trust Deed is legally binding on all creditors once it has become Protected, and therefore all creditors are bound by the terms of the Protected Trust Deed, even if they voted against it.