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What is the Minimal Asset Process?


What is the Minimal Asset Process?

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Another form of Scottish bankruptcy is the ‘Minimal Asset Process’ (MAP). It is a form of debt solution only available in Scotland that is often compared to the ‘Debt Relief Order’. After gaining formal, mandatory advice and guidance from an approved adviser, you can apply with a £90 fee. After six months, your debts are written off.

While sequestration allows creditors to regain some of their payment through the sale of your assets and monthly payments of your surplus income, The Minimal Asset Process is specifically for those without assets and with a low income who are struggling with debt. Therefore, the criteria for application is quite strict and only some people are eligible.

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Sequestration Eligibility

To be eligible for sequestration, as opposed to the Minimal Asset Process, you need to:

  • Be resident in Scotland within the last 12 months, or have a place of business in Scotland
  • Have debts over £3000
  • Have an authorised Certificate of Sequestration from an official authority, and have been formally advised by an authorised advisor
  • Have not been made Bankrupt in the last 5 years
  • Pay £200 to the Accountant in Bankruptcy (AiB)

Minimal Asset Process Eligibility

On the other hand, to be eligible for the Minimal Asset Process, you need to:

  • Have a minimum debt of £1500
  • Have a maximum debt of £17000
  • Have no asset over £1000, with the exception of a vehicle
  • Own a vehicle worth less than £3000, if at all
  • Have a total assets of £2000
  • Either be receiving benefits for at least the last 6 months, or have been formally assessed by an advisor as having no surplus income
  • Own no property or land
  • Have been formally advised by an authorised advisor and have a certificate for sequestration
  • Be resident of Scotland in the last 12 months
  • Have not been made bankrupt in the last 5 years
  • Have not had a MAP bankruptcy in the past 10 years

It is also important to note that, like sequestration, a few debts are not included in a MAP bankruptcy. These include:

  • Court fines
  • Child maintenance arrears
  • Student loans
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Remember: like all bankruptcies – it is important that you seek legal advice, and check contracts, such as your employment and rent contracts, before you apply. Some careers and landlords prohibit bankruptcy. To find out more about the Minimal Asset Process and sequestration, click here.