Introduced as recently as 2010, the Certificate for Sequestration was introduced to provide access to bankruptcy for persons who may otherwise have been excluded from the process.
In simple terms, a Certificate for Sequestration provides documentary proof that you are “insolvent” and therefore qualify to become bankrupt. This documentary proof of insolvency can then be used as part of an application for bankruptcy.
The document will be provided by a suitably qualified and approved person. Such persons may include the Money Advisers who work at your CAB or Local Authority. They also include Insolvency Practitioners (the firms that also handle trust deeds).
To obtain a Certificate for Sequestration you will need to make an appointment with a suitably qualified and approved person. They are likely to require that you bring certain documentation with you to the meeting. They will work through a fact-finding process with you that will help them to determine whether you qualify and they can therefore issue you with the Certificate for Sequestration itself. As part of this process they will be able to advise you about other potential options to deal with your debts that you might also wish to consider.
Once you have been issued with a Certificate for Sequestration you have 30 days to use it in tandem with an application for your bankruptcy.