Sequestration is the Scottish term for Bankruptcy and is an insolvency solution used when an individual is unable to pay their debts as they fall due or their liabilities are greater than their assets. It is a formal process which involves the transfer (vesting) of your assets to a Trustee for the benefit of your creditors. If the individual is in a position to make a contribution from their income then this will be required for a 4 year period. Normally, the individual would be discharged after 1 year and it is possible to write off 100% of their debt.
May not be suitable in all circumstances. Fees apply. Your credit rating may be affected.
Free debt counselling, debt adjusting and providing of credit information services is available to customers by contacting MoneyHelper.