James Lloyd
James heads the firm's Insolvency team and has advised on corporate and personal insolvency related matters for a number of years. He advises creditors, banks and insolvency practitioners on all aspects of insolvency litigation.
Chambers UK Guide to the Legal Profession lists James as a "Leader in the Field" in both Restructuring/Insolvency and Personal Insolvency, where he is noted for having a strong reputation in the market, his clients appreciate his ability to "do an extremely good job under difficult circumstances." Sources note "He's good. He tells you as it is."
James has been recognised as a "World Leader" in commercial litigation by Who's Who Legal.
James is a member of the team that won the prestigious "Insolvency Team of the Year" award at the Law Awards of Scotland 2012.
3 Contributions by James Lloyd
PRACTICE NOTES
Scotland: Debt Arrangement Scheme (DAS) for individuals and business debtors—framework, eligibility, application, moratoria, approval, conditions, variation, revocation, review/appeal and completion
Debt Arrangement Scheme (DAS)
The Debt Arrangement Scheme (DAS) is a statutory mechanism enabling eligible debtors to clear what they owe over a longer timeframe through a Debt Payment Programme (DPP). It is intended to help specified categories of debtor repay liabilities over an extended period via a structured DPP. While a DPP remains in place, creditors are barred from taking enforcement action against the debtor. For definitions of frequently used Scottish insolvency terminology, refer to Practice Note: Glossary of Scottish insolvency words and expressions. The legislative foundation for DAS sits in Part 1 of the Debt Arrangement and Attachment (Scotland) Act 2002 (DAA(S)A 2002). That Act sets only the overarching framework within which the scheme functions. The operative detail appears in secondary legislation made under DAA(S)A 2002. Chiefly, this comprises the Debt Arrangement Scheme (Scotland) Regulations 2011 (DAS(S)R 2011), SSI 2011/141, as amended by the Debt Arrangement Scheme (Scotland) Amendment Regulations 2014 (DAS(S)AR 2014), SSI 2014/294. Further changes were introduced by the Debt Arrangement Scheme (Scotland) Regulations 2018 (DAS(S)AR 2018), SSI 2018/297, by the Debt Arrangement Scheme (Scotland) Regulations 2019 (DAS(S)AR 2019), SSI 2019/315, and by the Bankruptcy and Debt Arrangement Scheme (Miscellaneous Amendment) (Scotland) (Regulations) 2023 (BDAS (MA)(S)R 2023), SSI 2023/9. Certain...
Restructuring & Insolvency
PRACTICE NOTES
Scotland: Protected Trust Deeds: legal framework, eligibility, protection process, AiB oversight, creditor challenges, debtor’s home, discharge, and 2024 regulatory reforms
For many years, debtors have relied upon trust deeds in order to reach a compromise with their creditors as an alternative to formal sequestration in Scotland (see Practice Note: Scotland: the process for applying for sequestration).
Rooted in the common law, trust deeds long attracted a relatively ‘light touch’ from the courts, but the law now pays closer attention to them and to this field generally today.
Accordingly, trust deeds are presently subject to markedly tighter regulation than previously in Scotland.
This Practice Note outlines the key legal principles on trust deeds and the process for obtaining, and the effect of, protected status in this context too.
For definitions of frequently used Scottish insolvency terminology, see Practice Note: Glossary of Scottish insolvency words and expressions therein.
The Scottish government has announced a commitment to review both formal debt recovery mechanisms—diligence—and the statutory debt solutions—moratorium protection, bankruptcy, Protected Trust Deeds and the Debt Arrangement Scheme—with the aim of ‘further enhancing and improving our system’ in due course.
Consultation took place from 12 August 2022 to 7 October 2022 (see: LNB News 12/08/2022 28).
The nature of a trust deed
A trust deed constitutes a consensual arrangement between a debtor and their...
Restructuring & Insolvency
PRACTICE NOTES
Scotland: Trustees’ powers and court procedures for realising the debtor’s home in sequestration, including Family Home consents, division and sale, sheriff’s discretion, re-vesting and secured creditors’ rights
The debtor's home in sequestration
In most sequestration cases where a debtor holds assets, these often include the debtor’s home (see Practice Note: Scotland: the process for applying for sequestration). Frequently, it is the sole asset owned by the debtor, either outright or jointly with another, typically a spouse or partner. For definitions of regularly used Scottish insolvency terminology, see Practice Note: Glossary of Scottish insolvency words and expressions. The trustee is obliged to realise that interest so it can be shared among the debtor’s creditors. Trustees generally wish to avoid the disruption and cost of removing debtors and their families, followed by the marketing and sale of their homes. They therefore usually prefer the debtor, or a third party, to purchase the trustee’s interest and will, where feasible, seek dialogue with the debtor to determine whether such an offer may arise. In many instances, the debtor is reluctant, or simply unable, to repurchase the property from the trustee. Where, in those circumstances, the debtor will not co-operate with the trustee in disposing of the home, the trustee will need to turn to the courts to progress the sale and enforce necessary steps concerning the debtor’s home to be taken to...
Restructuring & Insolvency
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