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The Institute of Chartered Accountants of Scotland (ICAS) has welcomed the
report from the Enterprise and Life Long Learning committee on the Scottish
Executive’s Bankruptcy and Diligence Bill.
MSPs on the committee have recommended that Trust Deeds should continue to have
a major role to play and that they should be simple to access, rigorously
monitored and appropriately regulated.
The committee also said that it does not believe the case has been made for the
setting of a minimum dividend of 30 pence in the pound.
In another development, MSPs have called for a wider definition of apparent
insolvency. ICAS believes this will have far reaching positive benefits because
it would mean that many people with money problems, who were previously
excluded, would find it easier to access bankruptcy.
Bruce Cartwright, the Convener of the Insolvency committee at ICAS commented:
“We are delighted that MSPs have listened to the arguments presented by ICAS.
"The committee has quickly got a grasp of the details of a Bill which is
extremely technical but will have a huge impact on the lives of a growing number
of people. We look forward to working with MSPs and other parties to come up
with the best solution for Scotland .”
Director of Insolvency with ICAS, Anne Bryce, added "We had a very productive
meeting with the Deputy Minister, Allan Wilson, at which we were asked to come
forward with constructive solutions to the situation surrounding Protected Trust
Deeds and Apparent Insolvency.
"Together with other bodies we have provided sensible and balanced answers which
will meet the needs of creditors and debtors.”
Source:
RedAlert
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