The Scottish Parliament has passed the new Bankruptcy (Scotland) Bill 2016, marking the first time in 13 years that Scottish laws on insolvency have been brought together into one piece of legislation.
The bill 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.
David Menzies, director of insolvency at the Institute of Chartered Accountants of Scotland (ICAS), said:
“Bringing the many reforms to bankruptcy law in Scotland over the past 30 years into a single piece of legislation will be extremely useful to insolvency practitioners and others working in the sector who currently face having to navigate their way through numerous pieces of legislation.”
It’s thought that he measure will come into force towards the end of 2016, together with updated accompanying subordinate legislation, subject to receiving Royal Assent.