Bankruptcy (Scotland) Act 2016

The Bankruptcy (Scotland) Act 2016 is a law that modernizes and clarifies the rules for personal insolvency in Scotland. It sets out procedures for individuals unable to pay their debts, including how bankruptcy is initiated, managed, and discharged. The Act aims to make the process fairer and more transparent, balancing debtors' rights with creditor protections. It introduces changes such as the availability of a protected trust deed, simplified bankruptcy procedures, and clearer criteria for insolvency. Overall, it provides a structured legal framework to help individuals resolve insolvency issues while promoting responsible borrowing and lending.