Scotland
In Scotland there is a similar procedure to the Individual Voluntary Arrangement called a protected trust deed (PTD). The trust deed, although similar to the individual voluntary arrangement in many ways, lasts only for three years as opposed to the five-year period that constitutes the vast majority of IVAs. Trust deeds are an alternative to bankruptcy in Scotland which is referred to as sequestration.
Read more about this topic: Individual Voluntary Arrangement
Famous quotes containing the word scotland:
“A custom loathsome to the eye, hateful to the nose, harmful to the brain, dangerous to the lungs, and in the black, stinking fume thereof nearest resembling the horrible Stygian smoke of the pit that is bottomless.”
—James I of England, James VI of Scotland (1566–1625)
“The state of monarchy is the supremest thing upon earth: for kings are not only God’s Lieutenants upon earth, and sit upon God’s throne, but even by God himself they are called gods.”
—James I of England, James VI of Scotland (1566–1625)
“The “second sight” possessed by the Highlanders in Scotland is actually a foreknowledge of future events. I believe they possess this gift because they don’t wear trousers.”
—G.C. (Georg Christoph)