Register of Insolvencies
The register of insolvencies is a statutory register about the insolvency of individuals and businesses in Scotland.
Frequently Asked Questions - Q6
Q6. What is low income/low assets (LILA)?
Low income Low Asset (LILA) is a route into bankruptcy which allows a debtor who has income of the national minimum wage or less and has no single asset valued at £1,000 or more, to apply for their own bankruptcy. Income includes money from all sources (although some social security benefits are not included).
The Debtor's Guide is an Accountant in Bankruptcy publication that gives full details of the conditions for applying to become bankrupt and how to apply. You can request the guide by contacting us or download the Debtor's Guide from this website.
