Following the Scottish Parliament’s approval of the Bankruptcy and Debt Arrangement Scheme (Miscellaneous Amendment) Regulations 2023, important changes came in to force today.
- No minimum debt level to access Minimal Asset Process bankruptcy.
- No application fee for bankruptcy if the applicant is assessed by the Common Financial Tool as having no surplus income.
- The deposit paid by creditors where Accountant in Bankruptcy is nominated as trustee in bankruptcy following a court petition has been increased from £300 to £750.
- A payment break request in a Debt Payment Programme has been amended to a 50% reduction in disposable income where it is considered the reduction will last for the period of the break.
- The circumstances required for a payment break set out in section 37(3) of the Debt Arrangement Scheme Regulations 2011, (as amended), have been removed.
All relevant publications and guidance have been updated.
If you need more information please e-mail AiB Operational Policy and Compliance Team.