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  4. Bill to restate bankruptcy law begins its passage

Bill to restate bankruptcy law begins its passage

2nd November 2015 | insolvency

Scottish bankruptcy law will be restated in a single consolidating measure under a bill just introduced in the Scottish Parliament.

The Bankruptcy (Scotland) Bill, prepared by the Scottish Law Commission, consolidates the Bankruptcy (Scotland) Act 1985 and subsequent legislation on bankruptcy.

Reform was recommended as the 1985 Act has been so heavily amended, on so many occasions, that it has lost coherence and rational structure. The consolidation bill simplifies the structure so as to make it easier for practitioners and those affected by it to use.

Policy officials from Accountant in Bankruptcy have worked with the Commission on the drafting.

Subject to parliamentary approval, it is anticipated the measure will come into force towards the end of 2016, together with updated subordinate legislation.

Welcoming the bill, Business Minister Fergus Ewing said: “Pulling together all the enactments of bankruptcy into one statute provides a platform to deliver debt solutions fit for the 21st century.

“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.

“This bill also takes in the 2014 Act, which brought in a number of ambitious and far-reaching reforms and placed money advice at the heart of the solution to problem debt."

He added: “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.”

Click here to access the bill and related papers.

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