Scotland's Bankruptcy Law Reform

Scotland's Bankruptcy Law Reform aims to improve how individuals and businesses manage debt when they cannot pay what they owe. The reforms make the process more straightforward, providing clearer options for debtors to restart financially. This includes changes to how long debts can remain on a person's record and how assets are dealt with. The goal is to balance the rights of creditors to recover money owed while giving debtors a fair chance to rebuild their finances and move forward without being trapped in unmanageable debt. Overall, it seeks to create a more accessible and equitable system.