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Bankruptcy reform on cards for Scotland

27/11/2007

Scotland`s insolvency service is expected to announce a large scale restructuring programme which it hopes will favour consumers wishing to seek advice about bankruptcy issues.

Aimed at reforming both the personal and business services offered, the Accountant in Bankruptcy (AiB) agency hopes the changes will make it easier to get hold of professional debt advice, the Herald reports.

Also, the proposed changes will allow bigger bankruptcy firms to expand their geographic boundaries without needing state permission, meaning that smaller companies could lose out.

A Scottish government spokesperson told the publication: "As agents, insolvency practitioners are aware that, as an executive agency of the Scottish government … AiB also has a duty to ensure the most efficient and best use of public funds; particularly in view of the current financial settlement."

The AiB supervises the insolvency process across Scotland.

Many debts unaffected by base rate cut 09/01/2009 - Yesterday, many borrowers welcomed the Bank of England’s base rate 1.5% base rate – an historic low 08/01/2009 - Today’s base rate cut by the Bank of England’s Monetary Gas price cuts expected 07/01/2009 - Energy company Scottish Power has announced the launch of a Personal debt about £1.5 trillion 07/01/2009 - The UK’s personal debt stands at around £1.5 trillion, according