Important announcement regarding Varden Nuttall
Varden Nuttall Limited (‘the Company’) was placed into Administration on 24 March 2016.
The Joint Administrators, Ben Woolrych & Phil Pierce of FRP Advisory LLP and Paul Boyle & Tom Bowes of Harrisons Business Recovery and Insolvency Limited, act as agents of the Company and without personal liability. Paul Boyle & Tom Bowes are licensed by the Insolvency Practitioners Association and Ben Woolrych & Phil Pierce are licensed by the Institute of Chartered Accountants of England and Wales, all Joint Administrators are bound by the Insolvency Code of Ethics.
Debt Solutions | Protected Trust Deed
What is a Protected Trust Deed?
A Protected Trust Deed is a formal arrangement that is available to residents of Scotland. It is one of many ways for people to deal with debt problems and will protect the debtor from legal prosecution of the debts that are included in the Trust Deed. People who enter a Trust Deed are usually able to keep their homes, but where there is equity, that equity will normally have to be realised to increase the contributions back to their creditors.
Provided certain conditions are met, the Trust Deed may be registered as “protected”, preventing included creditors from directly petitioning for the debtor’s sequestration. One of the advantages of entering into a Trust Deed is that all correspondence is directed to the Trustee, who will handle all of the communication with the creditors. There is no court involvement, unless the person refuses to cooperate with the Trustee.
The debt is frozen at the date the Trust Deed is granted provided it becomes protected. On protection of the Trust Deed all interest and charges are frozen also. If the debtor does not maintain the payments to their Trust Deed then the interest and charges are backdated to the date the Trust Deed was protected.
When the Trust Deed is completed (usually 48 months), and assuming it has been dealt with in accordance to the Trustee appointed, then proportionally they will distribute the remainder of funds to the creditors. The debtor will then receive a letter of discharge, any balance of debt is written off and creditors cannot pursue you for interest or the balance.
A Trust Deed is classed as a voluntary act, however once a person has signed a Trust Deed, then the debtor, the Trustee and the creditors are legally bound by it