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:
“Four and twenty at her back
And they were a’ clad out in green;
Tho the King of Scotland had been there
The warst o’ them might hae been his Queen.
On we lap and awa we rade
Till we cam to yon bonny ha’
Whare the roof was o’ the beaten gold
And the floor was o’ the cristal a’.”
—Unknown. The Wee Wee Man (l. 21–28)
“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 “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)