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Bankruptcy (Scotland) Act 1985

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This is the original version (as it was originally enacted).

6Sequestration of other estates

(1)Subject to subsection (2) below, the estate belonging to or held for or jointly by the members of any of the following entities may be sequestrated—

(a)a trust in respect of debts incurred by it;

(b)a partnership, including a dissolved partnership;

(c)a body corporate or an unincorporated body ;

(d)a limited partnership (including a dissolved partnership) within the meaning of the [1907 c. 24.] Limited Partnerships Act 1907.

(2)It shall not be competent to sequestrate the estate of any of the following entities—

(a)a company registered under the [1985 c. 6.] Companies Act 1985 or under the former Companies Acts (within the meaning of that Act); or

(b)an entity in respect of which an enactment provides, expressly or by implication, that sequestration is incompetent.

(3)The sequestration of a trust estate in respect of debts incurred by the trust shall be on the petition of—

(a)a majority of the trustees, with the concurrence of a qualified creditor or qualified creditors ; or

(b)a qualified creditor or qualified creditors, if the trustees as such are apparently insolvent.

(4)The sequestration of the estate of a partnership shall be on the petition of—

(a)the partnership, with the concurrence of a qualified creditor or qualified creditors ; or

(b)a qualified creditor or qualified creditors, if the partnership is apparently insolvent.

(5)A petition under subsection (4)(b) above may be combined with a petition for the sequestration of the estate of any of the partners as an individual where that individual is apparently insolvent.

(6)The sequestration of the estate of a body corporate or of an unincorporated body shall be on the petition of—

(a)a person authorised to act on behalf of the body, with the concurrence of a qualified creditor or qualified creditors; or

(b)a qualified creditor or qualified creditors, if the body is apparently insolvent.

(7)The application of this Act to the sequestration of the estate of a limited partnership shall be subject to such modifications as may be prescribed.

(8)Subsections (6) and (8) of section 5 of this Act shall apply for the purposes of this section as they apply for the purposes of that section.

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