Scottish institute says more should be done to regulate the booming market, as more consumers plunge into the bankruptcy quicksand
Accountancy Age, 05 Dec 2006
ICAS has welcomed the latest reading of the Bankruptcy and Diligence bill at the Scottish Parliament, and jointly called for action to be taken on unregulated debt consolidators.
The bill, which overhauls legislation that has been left unchanged for decades, will modernise how personal debt is dealt with in Scotland, as the number of Scots going bust hits record levels.
ICAS represents the vast majority of Scotland’s Insolvency Practitioners who deal with the effects of personal bankruptcy on a daily basis.
'The problem of personal debt is becoming a huge issue not just for those affected, but for society in general,' ICAS insolvency director Anne Bryce told the Credit Control Journal.
'Our politicians have recognised that, and this bill will go some way to overhauling the personal bankruptcy process. Crucially though, as the committee considering the legislation advised, the Scottish Executive and the UK Government must work together to change the situation at the moment, where people without the means to repay loans are still offered credit.'
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