The Scottish Parliament has passed the Bankruptcy (Scotland) Bill 2016 bringing together laws on insolvency into one piece of legislation.
The bill is only the second piece of primary consolidation legislation to pass through the Scottish Parliament. It captures all of the amendments made to the primary legislation governing bankruptcy in Scotland - the Bankruptcy (Scotland) Act 1985 - as well as new laws brought in since, including the Bankruptcy and Debt Advice (Scotland) Act 2014, which came into force in April 2015.
Business minister Fergus Ewing said the consolidation exercise had been warmly received by the money advice and insolvency industry:
“By consolidating all of the various elements of legislation in one place, the bill will make bankruptcy policy more accessible, both for the money advice community and those experiencing financial difficulties,” Ewing said.
The passing of the stage three motion signals the completion of the parliamentary process and it is anticipated the measure will come into force towards the end of 2016, together with updated accompanying subordinate legislation, subject to receiving Royal Assent.
Accountant in Bankruptcy (AiB) is responsible for administering the process of personal bankruptcy in Scotland, which includes administering the debt arrangement scheme and recording corporate insolvencies.
In relation to how this will affect accountants, a spokesperson for the agency told AccountingWEB the new bill, "should make it easier for any trustees to navigate to the correct element of legislation as it will all be under the one place."