Today is the Day! The Bankruptcy (Scotland) Act 2016 comes into effect.
With the economic forecast indicating higher inflation, increases in interest rates, Brexit uncertainty and Christmas just around the corner, you could almost think that there was “method in the madness” of choosing 30th November 2016, as the day that the Bankruptcy (Scotland) Act 2016 (and its supporting regulations) comes into force.
Alternatively, choosing St Andrew’s Day, as the day to implement the Scottish Government’s second only piece of consolidating legislation in its history, must have made someone smile, somewhere in the Scottish Parliament.
The Act is intended to consolidate the much amended Scottish bankruptcy regime, modernising it and making it much more accessible for insolvency practitioners and those involved in advising people in personal financial difficulties. It also introduces protected trust deed regulation into primary legislation.
This act doesn’t change Scottish bankruptcy law, but it goes a long way to presenting the legislation in a structured and coherent way, to implement the Scottish Government’s stated intention of creating a gold standard debt solution service.
Whilst those of us that practice in this field already have found a way to navigate the, at sometimes, impenetrable web of legislation, the new Act will undoubtedly make that part of our lives slightly easier, but the addition of new forms and new section numbers will no doubt keep life interesting for a short time.
If you’d like to chat about the changes, please feel free to contact your usual Morisons’ insolvency contact or Pamela Muir, partner, and head of the Insolvency Team.< Back