ICAS welcomes report on bankruptcy bill

The report from the Enterprise and Life Long Learning committee on the
Scottish Executive’s Bankruptcy and Diligence Bill, has been welcomed by the
Institute of Chartered Accountants of Scotland.

The committee said trust deeds should continue to have a major role to play
and that they should be simple to access, rigorously monitored and appropriately

It also said that it did not believe a case has been made for the setting of
a minimum dividend of 30 pence in the pound.

ICAS said both recommendations were ‘sensible and in the public interest’.

The institute also welcomed the recommendation that the debt advice and
information package should be extended to protected trust deeds and advice
provided by insolvency practitioners

ICAS director of insolvency Anne Bryce, said: ‘We had a very productive
meeting with the Deputy Minister, Allan Wilson, at which we were asked to come
forward with constructive solutions to the situation surrounding protected trust

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