Notes for Guidance - Bankruptcy (Scotland) Act 2016 (as amended)
- First published
- 1 November 2021
- Last updated
- 2 October 2025 - see all updates
- Topic
- Bankruptcy
This guidance describes the general functions of Accountant in Bankruptcy, interim trustees, trustees and commissioners in relation to their responsibilities regarding bankruptcies which started on or after 30 November 2016.
13.12 Final account
A final account, clearly noted as such, should be submitted only when all transactions and administrative matters have been finalised.
When the final account follows on from a Scheme of Division account it should include:
- the relevant dividend payments to creditors
- copies of the signed receipts in respect of the dividend payments should be submitted with the account. If these are not available, copies of the cheques and the relevant copy bank statements showing the payments will suffice.
Any increase in the estimated final fee will not be determined at the final account stage unless the trustee can demonstrate exceptional circumstances caused an increase in the fee.
When funds are received by a trustee after they have made the final distribution and submitted their final account and the amount of the funds is insufficient to justify making a further distribution, the trustee may consign such unapplied balances under section 135(2) of the Act. A fee will be payable to the Accountant for each amount lodged.
Residual balances of less than £52 should not be consigned but may be retained by the trustees to defray the expenses of closing the bankruptcy.
- First published
- Monday, 1 November 2021
- Last updated
- Thursday, 2 October 2025 - show all updates
- All updates
-
-
Update to section 14.3 including the addition of the S147A proforma
-
Amendment to 8.7.2 Quashing a DCO – review and appeal section
-
Update to section 14.3 and 14.4
-
Downloadable word version of the Notes for Guidance to cover the June amendments have been added.
-
update to section 14.3.
-
Changes to the following sections: 1.4 1.6 2.5 2.6 5.2 5.6 8.3 8.4 8.6 8.7 8.8 10.3 12.7 12.8 13 13.2 13.6 – 13.17 14 -14.8 16 16.5 18.3
-
Changes to AiB team names. Sections 12.2.1, 12.3, 12.5, 13.10, 13.13.1, 13.14 amended. Section 13.12.10 added
-
Supporting document added to website
-
Published on website
-
Amended sections 2.2, 12.7.2, 12.8.2, 13.6, 13.9, 13.12, 13.13, 13.14, 16.5, 18.5.1
-
Published
-