Scottish govt moves to reform bankruptcy laws

The Bankruptcy and Debt Advice (Scotland) Bill 2013, which was hailed as "modernising bankruptcy for the 21st century" by government insolvency service Accountant in Bankruptcy, puts a bigger emphasis on financial advice and education for people and businesses in financial difficulties to avoid bankruptcy. The proposal looks to introduce a Common Financial Tool for use by money advisers and a Minimal Asset Process route into bankruptcy. It also asks for better co-operation between debtor, trustee and creditors and the transfer of administrative bankruptcy functions from the Sheriff Co...