Register of Insolvencies
The register of insolvencies is a statutory register about the insolvency of individuals and businesses in Scotland.
Main Changes for trustees
- The trustee in a bankruptcy no longer has to be based in Scotland.
- In certain circumstances, a sheriff will appoint an interim trustee before the award of bankrupty is made.
- A trustee is appointed on award of bankruptcy and has the powers of both the current interim and permanent trustees.
- Because the trustee is appointed on award, there is no longer a requirement to apply for an Act and Warrant.
- A trustee can still be replaced if there is a creditor's meeting and a new trustee is elected by the creditors.
- The period of the trustee's accounts has changed from six monthly to annually. However, after the first accounts, the trustee can still change their accounting periods if approved by the Accountant in Bankruptcy.
- A trustee must take action on a debtor's family home within three years of the award of bankruptcy or control of the home will automatically transfer back to the debtor. This action includes renewing the inhibition on the property.
- The trustee is required to report a debtor's misbehaviour to the Accountant in Bankruptcy, who will decide if a BRO/BRU should be imposed on the debtor.
- A trustee must apply to the AiB for authority to resign from a case. This will be granted if they are unable to act under the provisions of the 1985 Act or if they are unfit to act.
- AiB can petition the court of session for the replacement of a trustee in multiple cases if the trustee is deceased or is unfit to act.