(Scottish) Award of sequestration is a legal process for dealing with individuals who are unable or unwilling to pay their debts.

a Scottish legal term for personal bankruptcy where you are formally declared Bankrupt by

The Scottish legal term for personal bankruptcy is sequestration. This is where an individual, sole trader or partnership is formally declared bankrupt by the court (ie they cannot pay their debts) and that the debts and assets of a person should transfer to an appointed trustee.

When bankrupt, the placement of an individual's assets under control of a trustee who will consult with the individual's creditors and convert his/her assets into cash for distribution to the creditors. Effective for 10 years.

Scottish term for a personal insolvency.

The process of bankruptcy in which control of a person’s assets is transferred to a trustee who sells the property and distributes the proceeds amongst creditors.

confiscation of a bankrupt's assets by a court of by his creditors service of heirs the process by which an heir acquired the right to an estate. It started with the brieve ordering an inquest to determine who was next heir to the estate, followed by the retour of the inquest stating the heir's right to succeed followed by his entry, (his formal acceptance by the superior of the estate). It was called a "special service" when the heir's ancestor had been formerly infeft in the estate, that is, had had full legal possession of it by virtue of a sasine; if the heir's ancestor was not infeft, then the process was called a "general service". Until the process of serving the heir had been gone through, he would be the apparent heir; see also heirs

Applicable in Scotland - equivalent to Bankruptcy

the technical term for bankruptcy proceedings