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The Bankruptcy and Diligence etc. (Scotland) Act 2007 (Commencement No. 9 and Savings Amendment) Order 2014

S.S.I. 2014/173 · Made 16 June 2014

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

Insolvency

Bankruptcy

Made 16th June 2014

Laid before the Scottish Parliament 18th June 2014

Coming into force 4th October 2014

The Scottish Ministers make the following Order in exercise of the powers conferred by sections 224(2) and 227(3) and (4) of the Bankruptcy and Diligence etc. (Scotland) Act 2007f1.

Annotations to the whole text

Footnotes

f1

2007 asp 3.

Contents

  1. 1Citation and commencement
  2. 2Appointed day – debt limit for debtor applications for sequestration
  3. 3Amendment of savings – residence requirements for sequestration and trust deeds
  4. Signature
  5. Explanatory note

1Citation and commencement

(1)

This Order may be cited as the Bankruptcy and Diligence etc. (Scotland) Act 2007 (Commencement No. 9 and Savings Amendment) Order 2014.

(2)

It comes into force on 4th October 2014.

2Appointed day – debt limit for debtor applications for sequestration

1st April 2015 is the day appointed for the coming into force of the following provisions in section 25 of the Bankruptcy and Diligence etc. (Scotland) Act 2007 (debt limits for sequestration)—

(a)

paragraph (a) for all remaining purposes; and

(b)

paragraph (b) insofar as it applies to debtor applications.

3Amendment of savings – residence requirements for sequestration and trust deeds

(1)

The Bankruptcy and Diligence etc. (Scotland) Act 2007 (Commencement No. 3, Savings and Transitionals) Order 2008f1 is amended as follows.

(2)

In article 5 (sequestration petitions presented before 1st April 2008)—

(a)

in paragraph (1), after “Order” insert “, except for section 7 of the Act,”; and

(b)

in paragraph (2), after “The 1985 Act” insert “, except for sections 2(3)(a) and 24(2)(d)”.

(3)

At the end of article 6 (trust deeds granted before 1st April 2008) insert—

“(3)

This article does not save any residence requirement to be repealed by section 7 or 20 of the Act.”.

Signature

FERGUS EWING

Authorised to sign by the Scottish Ministers

St Andrew’s House,

Edinburgh

16th June 2014

Explanatory note

(This note is not part of the Order)

This Order brings into force provisions of the Bankruptcy and Diligence etc. (Scotland) Act 2007 (“the Act”) and amends savings arrangements.

Section 25 of the Act, so far as not already in force, is brought into force on 1st April 2015 to increase the debt limit for debtor applications for sequestration to £3,000.

Article 3 amends, from 4th October 2014, savings arrangements for the Act to clarify the abolition of the requirement to be resident in Scotland for replacement trustees for sequestrations petitioned for before 1st April 2008. It makes similar provision for the equivalent statutory requirement for trustees acting under trust deeds for the benefit of creditors granted before 1st April 2008. Those residence requirements in sections 2(3)(a) and 24(2)(d) of, and paragraph 5(a) of Schedule 5 to, the Bankruptcy (Scotland) Act 1985 (c.66) were abolished by sections 7 and 20 of the Act respectively, subject to the savings amended by this Order.

The Act received Royal Assent on 15th January 2007. Sections 224, 225 and 227 of the Act came into force on Royal Assent and section 222 came into force on the day after Royal Assent.