If you are worried that you may be at risk of Sheriff Officers taking action against you, a Statutory Moratorium (Scotland) is a legal instrument that you can use to protect yourself.
Statutory Moratoriums also protect you from creditors making an application for you to be Sequestrated.
The Statutory Moratorium gives you 6 months protection from a Sheriff Officer taking action against you, such as arresting your bank account or freezing your income.
If you are worried a Sheriff Officer may freeze your bank accounts, or arrest your wages, then a Statutory Moratorium may be suitable for you.
It can also stop possessions like cars, or any other valued asset item, being attached.
The process is designed to allow breathing space for anyone struggling with their debts, so they can consider their options, regardless of whether those options are the Debt Arrangement Scheme, a Trust Deed or Bankruptcy (Sequestration).
Essentially, a Statutory Moratorium can be used to buy you time, until the pandemic is over so that you can review your options at a later date when you have more information on your future ability to pay.