Bankruptcy in Scotland - new legislation

S

So Frazzled

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Hi new poster here. I'm researching UK Bankruptcy, including Scotland and England, as an option for unsustainable debts, and I've come across references to new bankruptcy legislation in Scotland:

www dot "legislation.gov.uk/asp/2014/11/enacted"

Is anyone aware when the new terms come into force?

Obviously I will continue to research myself but if anyone knows?
 
Yes, but it looks like the discharge period is reduced to 6 months.
 
There is indeed new legislation passed and the implementation of the new law is likely to be around April 2015. The actual date is not set yet.Prior to that the current system remains in place. The main difference will be a 4 yr attachment order should one be obtained. These are currently awarded in less than one in three cases and there is no reason to suggest that will change. It is still a year for discharge as the 6months will only apply in certain cases where there is very little income and very little assets. I am of the opinion that applicants will do all they can to avoid an order where they can and quite honestly the new law when it does come into play will have little impact on the actual process that people will go through regarding setting up a COMI and working round reasonable living expenses in relation to income. Obviously any application prior to the suggested implementation date next year will be based on our current legislation.
 
Get in so as soon as possible. People in Glasgow extremely friendly and helpful. Terrific city.
 
From what I can see, the earliest there will be any change to the legislation is April 2015. You should also remember that the Scottish political system is preoccupied with the Independence Referendum at present so it may take even longer for the legislation to go through. (remember how slow the Irish legislation was in getting through parliament)

Even if there were any changes after April 2015, it would make no difference to anyone who starts to establish their Scottish COMI before Christmas 2014. Any new legislation could not be applied retrospectively.

Hope this helps.

www.irishbankrupt.com
 
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