Time and tide (and changes to insolvency legislation) wait for no man…
Changes are being made to the legislation governing insolvency matters in Scotland. On 30 May 2014, the Insolvency (Scotland) Amendment Rules 2014 came into force altering the rules that regulate administrations, liquidations and receiverships in Scotland. Significant changes are also to be made to the personal insolvency regime in terms of the Bankruptcy and Debt Advice (Scotland) Act 2014, which will be implemented by supporting regulations and is expected to come into force on 1 April 2015. As a result, the Scottish government has put the planned Bankruptcy Consolidation Bill on hold to allow the reforms to ‘bed in’.
The purpose of this article is to highlight the main changes and what impact they might have on the conduct of insolvency cases.
The 2014 rules will amend the Insolvency (Scotland) Rules 1986, which apply to the corporate insolvency procedures in Scotland. There have also been small changes to the Court of Session and Sheriff Court Rules to reflect the amendments made in the 2014 rules…
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