A protected trust deed is a formal arrangement available in Scotland that allows individuals to legally bind all of their unsecured creditors. It enables debts to be dealt with through a licensed insolvency practitioner (trustee) on a voluntary basis. The trustee takes control of the individual's assets to pay off debts. If creditors agree, the trust deed becomes protected, stopping debt collection actions like wage garnishment. A protected trust deed can be applied for by anyone in Scotland with over £5,000 in debt and provides benefits like a discharge from remaining debt after completion.