Plans to radically overhaul the bankruptcy process in Scotland – with the aim of providing greater consideration to creditors – are to be discussed at an influential seminar in Edinburgh. Leading law firm Lindsays is hosting the Scottish Women in Insolvency Group event at their offices at Caledonian Exchange on Thursday 23rd February.
The Accountant in Bankruptcy, Rosemary Winter-Scott, will be a key speaker along with the Chief Executive of Money Advice Scotland, Yvonne McDermid OBE.
The Accountant in Bankruptcy is the Government’s Executive Agency that oversees personal insolvency. It is hoped that there will shortly be a Ministerial consultation on the future vision for bankruptcy in Scotland, with the intention of ensuring that the service of debt advice, debt relief and debt management is fit for the 21st Century.
The proposals are based on the principles that debtors who can pay, should pay and that the people of Scotland should have access to fair and just processes of debt relief and debt management. It is understood that the agency is also keen to strike the right balance between debtors and creditors, whilst securing the best return for creditors.
Solicitor Jennifer Downie, of Lindsays Dispute Resolution and Litigation team, will be on the panel at the event. She said: “It will provide professionals working in the insolvency profession with a fantastic opportunity to hear more detail about the proposals and to pose questions to two very senior people and hear their views.
“There has been some significant media coverage in the past couple of years around abuses of the bankruptcy system. Now is the right time to look at the system in place and reform the parts which aren’t working. We need a balance between helping people through financial problem and ensuring that creditors, such as small business, are protected in challenging financial times.
“Part of any reform has to be ensuring that people who can afford to pay their debts do so, another key element is that any reform must revolve around providing better debt education and creating processes that allows those who have genuinely become mired in debt an opportunity to rehabilitate.”