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PART ONE - TRUST DEEDS FOR CREDITORS
1. Background - Reform of Protected Trust Deeds
1.1 The Scottish Executive is committed to putting in place an improved system of debt recovery, debt management, and debt relief. The major reforms of 'debt' law needed to deliver that commitment are far advanced. The end result will be an integrated debt management framework for Scotland.
1.2 A key element of this process is reform of Protected Trust Deeds. The first consultation on trust deed reform in January 2006 sought views on draft Regulations to be made by Scottish Ministers under the new enabling powers now agreed by Parliament in the Bankruptcy and Diligence etc. (Scotland) 2007 Act. These Regulations will replace the current rules on Protected Trust Deeds set out in Schedule 5 to the Bankruptcy (Scotland) Act 1985. The previous consultation and an analysis of the responses can be found on the Scottish Executive website at http://www.scotland.gov.uk/Topics/Justice/Civil/17868/Deeds/Introduction.
2. Scope of this Consultation
2.1 During the Parliamentary debate on the enabling powers for new Protected Trust Deed Regulations concerns were raised about the impact of Protected Trust Deeds on Credit Unions. In response to this debate, the Minister agreed that the Scottish Executive would issue a supplementary consultation on a proposal to give Credit Unions special treatment in Protected Trust Deeds.
2.2 It is our intention to seek views on this specific issue.
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