Documentation Procedures of Creditfix Trust Deed

The process of preparing, editing and finalizing the documents related to the Creditfix Trust Deed is initiated by the laws governing the insolvency and the common financial statement.  The procedure spans into preparation of official document based on the trust deed regulations of the Scottish government, terms and conditions of the trust deed, contribution statements and the related annexure files. The trustee from the Creditfix Trust Deed services takes care of the complete process of documentation.

Forms Based Documents – Creditfix Trust Deed

These are the statutory documents which the trustee has to prepare and get the beneficiaries to sign them. Primarily there are 7 such documents with annexure.

  • Form-1 is related to the notice to be given by the trustee for the creditors benefit. This is to be submitted to the register of insolvencies. This is meant to convert the deed into a protected trust deed. This is closely related to Form-1A which is used to exclude a specific creditor from the protected trust deed. Form-1B is related to the inherited property (like house). Here the debtor agrees to pay the required sum  of money to the trustee to free his property from being subject to the probability of being sold to settle the outstanding debt.
  • Form -2 is the claim statement by the creditors agreeing for the protected trust deed. Here the complete debt details owed by the debtor to a particular creditor are mentioned. Debt particulars, debt amount, security and the details of underlying claims are described in detail. The creditor has to fill up this document and submit it to the trustee of Creditfix Trust Deed.
  • Form-3 is related to the proposal of making the trust deed protected. This document contains two parts. The first part is sent to all the creditors who are involved. The second part will be sent to the Accountant in Bankruptcy along with a copy of the first part. Both the parts will be officially recorded in the register of insolvencies.
  • Form-4 is the statement by the trustee addressed to the debtor, creditors and the Accountant in bankruptcy. The annexure section includes all the documents related to the statements of contributions, assets, trustee remuneration, dividends and miscellaneous statements. A copy will be sent to the debtor, creditors and the Accountant in bankruptcy.
  • Form-4A and 4B are related to the involvement of the employer (if the debtor is an employee working in an organization). 4A is related to the communication made by the employee (debtor) to the employer and 4B is the communication from the trustee to the employer.
  • Form-4C is from the employee to the employer, authorizing him to make deductions for the debt from the salary of the employee and also entitles the employer to charge a fee for his contribution to debt settlement. The deducted amount of money for the debt will be payable to the trustee account as mentioned in the document.
  • Form-5 is the debtor discharge application from the trustee on behalf of the involved creditors.
  • Form-6 and form-7 are related to the completion of debt recovery which are to be sent to the creditors from the trustee in charge of Creditfix Trust Deed.