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Ministerial foreword
The Scottish Executive aspires to build a self-confident Scotland, which embraces the spirit of enterprise. It is therefore important that we have a modern, flexible bankruptcy system that meets the needs of Scotland in the 21st century.
In reforming personal bankruptcy legislation, we are seeking to balance the differing needs of creditors and debtors.
Creditors, many of whom are small businesses, need to be confident that there are adequate systems in place to protect their interests and facilitate debt recovery. It is also important that people are re-assured that if they suffer from unexpected hardship and severe debt problems, there are humane solutions to help them move forward with their lives.
The two forms of personal bankruptcy in Scotland are sequestration and trust deeds for creditors. The Bankruptcy and Diligence etc. (Scotland) Bill will reform sequestration, and was introduced to the Scottish Parliament on 21 November 2005.
This consultation paper contains a draft of regulations that will when made mean that the law on protected trust deeds strikes a better balance between debtors and creditors. The Executive invites both comments on the draft regulations, and responses to further reform proposals.
I therefore welcome your views on the regulations and proposals.
Allan Wilson, MSP
Deputy Minister for Enterprise and Lifelong Learning
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