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The bankruptcy process applies to individuals living in England, Wales or Northern Ireland. There is a separate bankruptcy process sometimes known as sequestration in Scotland. Bankruptcy is a form of insolvency and is normally suitable for those who are unable to pay back their debts in a reasonable time. Most applications for bankruptcy are made by the individuals in debt, but it is also possible for a person to be made bankrupt.
A new Scottish Bill is currently making its way through the Scottish Parliament and will make the following changes to the Scottish bankruptcy laws:
These changes are part of a wide-ranging policy review of Scotland’s statutory debt solutions, specifically moratorium protection, bankruptcy, Protected Trust Deeds (PTDs) and the Debt Arrangement Scheme that was launched back in 2019. Part of the work was delayed as a result of the Coronavirus pandemic. The Bill aims to help and improve the lives of people who are struggling with problem debt and serious mental health issues.