A business with an occasional debt?IRRV Alert - week ending 3rd October 2014
News
Circulars
Scotland's New Bankruptcy Legislation
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Bankruptcy and Debt Advice (Scotland) Act 2014 The following is a short bullet point note on Scotland's new legislation. (1) Policy aspiration of the AiB:
(2) Key changes to take place:
> such contributions are sustainable > increased payment time should increase creditor return.
> debtors can apply for a six month payment break but will still have to make a minimum of 48 payments
> no arrestment > no money attachment > no interim attachment > no attachment of estate Creditors will be aware by searching: > AiB website > Register of insolvencies > DAS register (3) Debtor discharge:
> debtor has a right of appeal to sheriff
(4) Court time:
> application by a trustee for a direction > recall of sequestration where debts can be paid in full > appointment of replacement trustee Questions? If you have any questions or comments on the above then please do contact me using the details below. As always a selection of articles relating to debt recovery and credit control can be found at www.debtscotland.com/news.cfm .
Stephen Cowan W: http://www.debtscotland.com Yuill + Kyle is the trading name of Yuill + Kyle Limited, registration number: SC352604. Registered Office: 79 West Regent Street, Glasgow, G2 2AR Yuill & Kyle Limited are regulated by the Financial Conduct Authority |
