Accountant in Bankruptcy (AiB) is an Executive Agency of the Scottish Government. The Agency operates independently and impartially whilst remaining directly accountable to Scottish Ministers.
AiB's key functions in full:
Supporting Ministers to develop and refine policy by:
- developing policy for personal and corporate insolvency and diligence in Scotland
- developing policy for the Debt Arrangement Scheme (DAS)
Supervising the bankruptcy process by:
- supervising the regulation of the bankruptcy process including the performance of trustees and commissioners in the exercise of their statutory duty
- regulating and supervising the registration and administration of Trust Deeds (PTDs), including the performance of trustees
- investigating and applying for Bankruptcy Restriction Orders or agreeing Bankruptcy Restriction Undertakings (BRO/BRU)
- maintaining a public Register of Insolvencies (ROI), which records bankruptcies awarded by the Scottish courts or by the Agency
- maintaining a record of PTDs, BROs and BRUs as well as company insolvencies on the ROI
- registering company insolvency documents required to be filed by receivers and liquidators in terms of the Insolvency Act 1986
- maintaining the DAS register
Delivering, with stakeholders, a range of options for individuals seeking debt relief and debt management by:
- determining debtor applications for bankruptcy
- acting as trustee in all bankruptcies awarded by the Agency, where The Accountant does not appoint a named person to be the trustee
- acting as trustee in all bankruptcies awarded by the Sheriff courts, where a Sheriff does not appoint a named person to be trustee
- acting as interim trustee before the award of bankruptcy except in those cases where an alternative interim trustee is appointed when nominated by the petitioning creditor
- acting as trustee as appointed by the Sheriff on the resignation or death of the original trustee where no new trustee is elected
- undertaking the functions of the commissioners in bankruptcies where none are elected by creditors
- approving Debt Payment Programmes (DPPs) and approving money advisors
Achieving best value services to customers by:
- reducing the requirement for public funding
- embedding efficient systems and processes
The Accountant also employs private insolvency practitioners to act as his agents.
Full details of our Statutory Functions are available.