Sequestration is the name for Bankruptcy in Scotland.
If you enter into Sequestration (Bankruptcy) the responsibility for paying your debt is taken away from you. If you are able you will be required to make regular disposable income payments to your court appointed trustee and you will have to give up any significant assets that you have such as home equity. Normally sequestration will last for 12 months after which you will be automatically discharged.
To find out more about the Sequestration debt solution see: What is Sequestration