Legal news

Bankruptcy Law Consultation

A Bankruptcy Law Reform consultation has been launched with recommendations on many aspects of bankruptcy law. The purpose of the consultation is, ultimately, to modernise current Scottish insolvency legislation.

The consultation looks at:

* Developing a “Financial Health Service” for debt advice, debt management and debt relief for the people of Scotland, and ensuring that financial education is central to this
* Developing new statutory debt relief routes for individuals and businesses as well as refining the current range of options - while reinforcing the key principle that individuals who can pay their debts, should pay
* Strengthening the powers of Accountant in Bankruptcy in relation to supervision of trustees in all personal debt relief products
* Streamlining the process by removing the court from non-contentious creditor bankruptcy petitions and modernising those parts of the current legislation that are outdated
* Introducing a single financial assessment tool to aid in the calculation of an appropriate contribution from individuals

“We must address the problems associated with the financial crisis and recession wherever we can,” said Fergus Ewing MSP, Minister for Energy, Enterprise and Tourism. “The world we live in today is quite different to that of 1985, when the last Scottish bankruptcy act came into force. This consultation considers the principles of bankruptcy and other debt management solutions and is one of the most ambitious and far-reaching reforms ever considered by both the Scottish Government and Accountant in Bankruptcy.”

Responses are sought by 18th May 2012.

see consultation

February  2012

  • SLC Annual Report 2011 (29 February 2012)
  • Bankruptcy Law Consultation (28 February 2012)
  • New taskforces to tackle tax evasion (24 February 2012)
  • Bankruptcy Restriction Order approved (23 February 2012)
  • European Company Law: what way forward? (21 February 2012)
  • Domestic abuse court pilot in Livingston (17 February 2012)
  • Stamp duty holiday rush (16 February 2012)
  • OSCR Report (14 February 2012)
  • Insider trading and market manipulation (09 February 2012)
  • Pinsent Masons and McGrigors Agree to Merge (07 February 2012)
  • Planning rules eased for home improvements (06 February 2012)
  • Dundas & Wilson to open in Aberdeen (03 February 2012)
  • Fast-track justice (01 February 2012)