Under Scottish Law, subject to certain conditions, bankruptcy can be applied for by:
- a debtor applying to the Accountant in Bankruptcy to make themselves, their partnership or uncorporated organisation bankrupt; or,
- a creditor or a trustee in a trust deed applying to a sheriff to make a debtor, a partnership or uncorporated organisation bankrupt.
Limited companies and other organisations registered at Companies House cannot be made bankrupt. Companies House is the official UK government register of UK companies.
Before any action is taken to apply for bankruptcy, legal or financial advice about bankruptcy should be obtained to investigate all other available options.
AiB and the Scottish Courts cannot give advice on specific insolvency problems; for example, whether someone should apply for bankrupty or a company should go into liquidation, or whether alternatives to bankruptcy should be looked at.
Independent advice should be sought from a professional in this field, for example a solicitor, a qualified accountant, an authorised insolvency practitioner or a reputable financial advisor.