Sequestration (Scotland)

Sequestration in Scotland refers to a legal process similar to bankruptcy, where an individual's or business's assets are managed by a court-appointed trustee due to inability to pay debts. The trustee's role is to collect and distribute the debtor's assets to creditors in a fair manner. This process aims to help the debtor resolve their financial difficulties while protecting creditors' rights. Sequestration can lead to the discharge of debts after a certain period, allowing individuals a chance to rebuild their financial standing. It is governed by specific laws in Scotland that differ from those in other parts of the UK.