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Bankruptcy Consolidation Bill

Bankruptcy Consolidation Bill

A new Bill has been introduced to the Scottish Parliament that will bring Scottish laws on insolvency together into one piece of legislation for the first time in a generation.

The Bankruptcy (Scotland) Bill 2016 aims to capture all of the amendments made to the primary legislation governing bankruptcy in Scotland, the Bankruptcy (Scotland) Act 1985, as well as new laws brought in since, including the Bankruptcy and Debt Advice (Scotland) Act 2014, which came into force in April this year.

Policy officials from Accountant in Bankruptcy have worked with the Scottish Law Commission, which published a consultation paper on consolidating bankruptcy legislation in 2011 and has led the process of drafting the Bill, to bring the proposals before parliament.

By consolidating all of the various elements of legislation in one place, the aim of the Bill is to make bankruptcy policy more accessible, both for the money advice community and those experiencing financial difficulties. Subject to parliamentary approval, the measures are expected to come into force towards the end of 2016, together with updated accompanying subordinate legislation.

“Pulling together all the enactments of bankruptcy into one statute provides a platform to deliver debt solutions fit for the 21st century,” explained Business Minister Fergus Ewing. “The time is right to bring all of these elements together. The 1985 Act has been heavily amended over the years and has lost coherence and structure as a result.”

“We have consulted with stakeholders and allowed this legislation to bed-in before undertaking this important work to bring clarity to the law for the benefit of both money advisers and people suffering under the burden of debt,” he added.

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