Bankruptcy (Scotland) Act 1985

The Bankruptcy (Scotland) Act 1985 provides the legal framework for individuals in Scotland who cannot pay their debts. It outlines procedures for declaring insolvency, managing the debtor’s assets, and distributing assets among creditors fairly. The Act aims to help debtors start anew while ensuring creditors are compensated appropriately. It also establishes the roles of trustees and courts, details debtor eligibility, and sets rules for voluntary or court-led insolvency processes. Overall, it seeks to balance debt relief for individuals with the rights of creditors, promoting fair and transparent insolvency procedures in Scotland.