The Bankruptcy (Scotland) Act 2016 was introduced on 30 November 2016, together with consolidated regulations.
Debtor applications for bankruptcy
Please be aware that any bankruptcy application submitted prior to 30 November 2016 will continue to be subject to previous legislation.
However, any bankruptcy application submitted on, or after, 30 November 2016 will be subject to the new 2016 Act and the consolidated regulations.
The 2016 Bankruptcy (Scotland) Regulations will introduce a change to the numbering of the bankruptcy forms. For example, the Debtor Application which is currently Form 14 will become Form 1 of the 2016 Regulations.
In addition, Form 1 of the 2016 Regulations will include new questions about whether the applicant is self-employed, holds a premises licence and whether the expenditure listed in the application is their own or joint.
If you have started to complete a bankruptcy application form but not submitted it before 30 November, you will be prompted to answer these additional questions on BASYS before you can submit the application. We hope that helps to minimise any inconvenience.
Protected trust deeds
The date the trust deed is granted will determine the legislation used.
Please be aware that any trust deed granted prior to 30 November will continue to be subject to previous legislation. However, please note that forms 4, 5, 6 and 7 have changed slightly and these new forms should be used from 30 November for all PTDs subject to The Protected Trust Deeds (Scotland) Regulations 2013. These have been amended through the Protected Trust Deeds (Scotland) Amendment Regulations 2016.
Any trust deeds granted on, or after, 30 November will be subject to the new 2016 Act and the consolidated regulations. The Protected Trust Deed (Forms) (Scotland) Regulations 2016 provides the forms for PTDs which are subject to the 2016 Act.
If you need any further information about the introduction of this new legislation please contact Russell Haddow on 0300 200 2736.