News In Focus
Draft insolvency reform instrument laid before Holyrood
Changes to modernise corporate and personal insolvency legislation in Scotland have been laid in draft before the Scottish Parliament for a 60 day consultation.
A further Public Services Reform Order will implement changes identified as needed in corporate insolvency law during work on an order made last year to bring Scots law into line with reforms south of the border (click here for report).
For personal insolvency, the changes extend the range of goods and services that are considered essential supplies and introduce certain restrictions on essential suppliers exercising insolvency related clauses in their contracts, subject to safeguards for those suppliers. This again reflects changes already introduced in England & Wales.
The Accountant in Bankruptcy is inviting feedback on the draft by 22 March 2017.
Click here for further information.