Scottish Bankruptcy Act 1985

The Scottish Bankruptcy Act 1985 is a law that outlines the process for individuals and businesses in Scotland unable to repay their debts. It provides a legal framework for declaring bankruptcy, which allows for the fair distribution of a debtor’s assets to creditors. The Act also protects debtors from aggressive collection actions and sets rules for how debts can be managed or discharged. Ultimately, it aims to provide a fresh start for those facing financial difficulties while ensuring creditors receive what they are owed as fairly as possible.