Bankruptcy and Diligence etc. (Scotland) Act 2007
Parts of the Act commenced on 1 April 2008. They are:
Part 1 - makes changes to Bankruptcy and Trust deed legislation
Parts 6 & 7 - relating to preventive diligences pending decision on court actions
Part 9 - makes changes relating to deductions from earnings for payment of debt
Part 12 - changes to the way in which public creditors like HMRC will pursue debt
Section 208 - abolition of a landlords right to take away and sell goods
The Accountant in Bankruptcy has produced its own guidance
The Bankruptcy and Diligence etc. (Scotland) Act itself is available online.
Part 1 of the Bankruptcy and Diligence etc (Scotland) Act 2007 commenced on 1 April 2008 and amends the Bankruptcy (Scotland) Act 1985.
The changes to trust deeds are supported by the introduction of the Protected Trust Deeds (Scotland) Regulations 2008.
The changes only apply to bankruptcies where a creditors petition or debtors application is made on or after 1 April 2008. The existing legislation applies were the petition was lodged with the court before 1 April 2008.
The changes to trust deeds apply to trust deeds that are granted from 1 April 2008. The existing trust deed legislation and rules will continue to apply to trust deeds that were granted before 1 April 2008.