Scottish Insolvency

Scottish insolvency refers to a legal process for individuals or businesses in Scotland that cannot pay their debts. It provides structured options, such as bankruptcy or protective arrangements, to either settle debts or manage financial difficulties. The goal is to achieve a fair outcome for creditors while offering the insolvent party a chance to resolve their financial issues. The process is governed by Scottish law, which has specific procedures and protections, and it aims to balance debtor relief with creditor rights.