Inhibition Flashcards
What is an inhibition
An inhibition prohibits a debtor from from selling, transferring or disposing of their property, an stops them from securing any new loans against the property.
What act made inhibition available on a sheriff court decree
The Bankruptcy and Diligence(Scotland)etc Act 2007
When is inhibition competent?
In a decree in an action containing an alternative conclusion or crave for payment other than expenses.
When is an inhibition unavailable?
In pursuance of summary warrant.
What regulations are inhibitions contained in?
The Diligence(Scotland) Regulations 2009
What happens after service of an inhibition
Must be registered in the registers of inhibitions
Copy of schedule of inhibition along with execution of service sent to registrars
When does an inhibition take effect?
Inhibition has effect from day it’s registered, unless notice of inhibition is registered in register of inhibitions following schedule of inhibition being served on debtor and then inhibition is registered within 21 days
When does an inhibition cease to have effect?
5 years after it came into effect
Or when debt is paid in full
Or if someone acquires proper or right to it in good faith
How’s is an inhibition served when whereabouts unknown?
Schedule of inhibition served or left with sheriff clerk who has jurisdiction over defo last known address and copy of schedule and DAIP sent to last known address by first class post.
