RegulationAccounting StandardsScottish insolvency pros ponder rule changes

Scottish insolvency pros ponder rule changes

Insolvency experts in Scotland look into rules changes proposed by government

Insolvency experts from ICAS and R3 are meeting today to discuss whether the
Scottish equivalent of the individual voluntary arrangement, known as the
protected trust deed, should work more like its English counterpart.

The discussions are planned due to concerns that changes proposed to
protected trust deeds by the Scottish Executive are not in the best interests of
debtors.

‘We’ll look at the IVA as a workable model,’ said Eileen Maclean, R3 chairman
of Scotland.

Along with the Insolvency Practitioners Association, the bodies have also
expressed concerns at changes to insolvency legislation mooted by the Scottish
Executive through the Bankruptcy and Diligence (Scotland) Bill.

Today’s meeting will look into providing alternative plans to widen access to
Scottish bankruptcy, known as sequestration, for appropriate cases.

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