Important changes come in to force on 6 February 2023 following the Scottish Parliament’s approval of the Bankruptcy and Debt Arrangement Scheme (Miscellaneous Amendment) Regulations 2023.

These changes include:

• Improved access to Minimal Asset Process bankruptcy through the removal of the minimum level of debt required.
• Further action to widen the availability of application fee exemption for bankruptcy including the complete removal of fees for those applying under the Minimal Asset Process.
• More flexible arrangements for payment breaks within the Debt Arrangement Scheme due to issues arising from increased living costs.
• An increase in the deposit that must be paid by creditors where Accountant in Bankruptcy is nominated as trustee in bankruptcy following a court petition.

If you need more information please e-mail AiB Policy Development.