Posts Tagged ‘Bankruptcy’

The Bankruptcy & Diligence Etc (Scotland) Act 2007

Tuesday, September 15th, 2009

walletThe above piece of Scottish legislation has fundamentally altered the law relating to both bankruptcy and diligence.   Insofar as bankruptcy is concerned, debtors will be automatically discharged from bankruptcy after one year (as opposed to the previous three year period) and, in addition, there has been introduced the concept of “bankruptcy restriction orders” which are similar to the company director’s disqualification regime where debtors will find themselves disqualified for a number of years from acting as directors and the like.   These orders are likely to apply where there has been unfit behaviour on the part of a debtor.   Further, any heritable property will automatically revert to a debtor after three years if the trustee has done nothing with it during that period.  (more…)