Today, the new Bankruptcy (Scotland) Act 2016 ("2016
Act") and the Bankruptcy (Applications and Decisions)
(Scotland) Regulations 2016 ("2016 Regs") come into
These new rules effectively consolidate the law on personal
insolvency in Scotland.
30 years' worth of amendments to the Bankruptcy (Scotland)
Act 1985 ("1985 Act") had made the law on personal
insolvency very cumbersome. The old legislation became a challenge
to use, even for those who used it on a regular basis.
The 2016 Act repeals the 1985 Act in full and looks to modernise
bankruptcy law in Scotland. By adopting a sensible structure for
the 2016 Act, practitioners will no longer need to navigate their
way through unwieldy legislation.
With some exceptions, the 2016 Act does not rewrite the law on
personal insolvency but rather consolidates and simplifies existing
provisions. Where the 1985 Act was originally only 78 sections
long, the 2016 Act has 238 sections which progress through the
personal insolvency process in a more structured way from the
initial applications and petitions, and the tests for
sequestration, to the discharge of the debtor and trustee.
The 2016 Act and 2016 Regs clarify where the decision making
power lies, transferring further powers from the court to the
Accountant in Bankruptcy (AiB).
The AiB now has the power to recall a sequestration and has the
ability to grant bankruptcy restriction orders for periods of up to
The 2016 Regs set out the procedure for making general and
specific applications to the AiB and how the AiB should make
The new rules apply to sequestrations where the petition was
presented, the application made or trust deed executed, from
The material contained in this article is of the nature of
general comment only and does not give advice on any particular
matter. Recipients should not act on the basis of the information
in this e-update without taking appropriate professional advice
upon their own particular circumstances.
To print this article, all you need is to be registered on Mondaq.com.
Click to Login as an existing user or Register so you can print this article.
After much consultation and debate, the Ministry of Justice has published the final version of the Pre-Action Protocol for Debt Claims (the Protocol), which is due to come into force on 1 October 2017.
Witnesses can, in various circumstances, be subpoenaed by the Courts of overseas jurisdictions to attend to give evidence by way of depositions within that jurisdiction. So why not take that one step further and ask a foreign court to subpoena the witness to give evidence by live satellite video link to a Court in London? This would be the next best thing to having the witness present in Court. Indeed, the Commercial Court is increasingly amenable to evidence being given in this way (albeit on a
Yesterday, in its quarterly consultation paper (CP 10/15), the FSA formally announced its intention to prevent investment firms using title transfer collateral arrangements (TTCAs) with retail clients.
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).