Sequestration, Scotland's Solution
Simply put, sequestration is a type bankruptcy that’s exclusive to Scotland. And very much a last resort solution.
If you can’t pay the debt you owe in a given time limit (which could be a number weeks or months), you may have to count on sequestration as a not-so-appealing option. It is a valid and often-used possibility all the same. Here, we’ll be as transparent as we can about sequestration. But remember, as with any type of debt, your first port of call should be a free, confidential chat with Solutions Scotland or visit us online for some immediate advice.
Like we said, Scotland’s bankruptcy laws are very similar but different to England, Wales and Northern Ireland’s bankruptcy laws. It’s most commonly used when someone cannot pay, under any circumstance, their debt solely by unsecured means. In other words, sequestration is settled with secured (rather than unsecured methods of payment such as a credit card) assets – your home(s), your car(s), sentimental heirlooms. Basically your tangible assets (but usually at a fraction of their value) at auction.