Register of Insolvencies
The register of insolvencies is a statutory register about the insolvency of individuals and businesses in Scotland.
Accountant in Bankruptcy is an Agency of the Scottish Government in terms of the Scotland Act 1998. The Chief Executive is also The Accountant in Bankruptcy (the Accountant), who is an independent statutory officer appointed under section 1 of the Bankruptcy (Scotland) Act 1985, as amended.
The Bankruptcy (Scotland) Act 1985, as amended, (the Act), is the principal legislation determining the work of Accountant in Bankruptcy (AiB).
The main statutory functions of the Accountant in Bankruptcy are to:
Maintain the register of personal insolvencies. The Accountant maintains the public Register of Insolvencies (RoI) in which is recorded details of sequestrations awarded by the Scottish courts or the Accountant in Bankruptcy.
The Register also records protected trust deeds (PTDs) granted by debtors and Bankruptcy Restriction Orders and Undertakings (BRO/BRUs).
Generally supervise the regulation of the sequestration process including the performance of trustees and commissioners in the exercise of their statutory duty.
Determine debtors' applications for bankruptcy.
Act as trustee in all sequestrations awarded by The Accountant in Bankruptcy, where The Accountant does not appoint a person to be the trustee (by virtue of Section 2(1B) of the Act).
Act as trustee in all sequestrations awarded by the sheriff courts, where a sheriff does not appoint a person to be trustee (by virtue of Section 2(2C) of the Act)
Act as interim trustee before the award of sequestration, if appointed by the sheriff, except those where an alternative interim trustee is appointed when nominated by the petitioning creditor (by virtue of Section 2(6)(b) of the Act,).
Act as trustee on the resignation or death of the original trustee and no new trustee is elected (by virtue of Sections 28(5)(a) and 28A(2)(b) of the Act).
Be responsible for the registration of company insolvency documents required to be filed by receivers and liquidators in terms of the Insolvency Act 1985. This function was transferred from the Registrar of Companies and the Assistant Registrar of Friendly Societies by the Scotland Act 1998, Schedule 8, p23(1), (2) and (3).
The Accountant has responsibility for Scottish Government's policies in respect of personal bankruptcy, the Debt Arrangement Scheme, Protected Trust Deeds, diligence and corporate insolvency in Scotland and to implement, administer, review, revise and monitor these policies.
The Accountant is also the Debt Arrangement Scheme (DAS) administrator appointed by virtue of section 8 of the Debt Arrangement and Attachment (Scotland) Act 2002.
The DAS administrator's main functions are to maintain the DAS register, endorse variations of debt payment programmes (DPP) and approve money advisers and payment distributors. Further information can be obtained from the main website for the Debt Arrangement Scheme - http://www.moneyscotland.gov.uk/ - or by telephoning AiB (0300 200 2600) and asking for the DAS team.
The Accountant is required to produce Annual Accounts and an Annual Report to the Scottish Ministers and the Court of Session giving statistical information about sequestrations and protected trust deeds and of the performance of her functions under the Act.