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On 1 May 2001 the defender granted a trust deed for behoof of his creditors. The defender raised a preliminary plea that, given the circumstances of the protected trust deed, the defender had been discharged from the pursuers' claim against him and separately that the pursuers were precluded from insisting in the action. He sought dismissal of the action.
A record 120,000 Brits face bankruptcy in 2008, money experts warn. One in four adults - 9.5million - has “unmanageable” debts, says accountancy firm Grant Thornton.