Bankruptcy and Diligence (Scotland) Bill - Financial Memorandum
Overview
At its introduction, the Bill aims to change the law in three main areas. It will:
- give powers to the Scottish Ministers to establish a pause on debt recovery action against people who are in debt and who also have a mental illness
- make technical changes to the law on bankruptcy
- update the law on diligence
Bankruptcy is a formal way of dealing with debts when people cannot afford to pay their debt (in money or belongings).
Diligence is the legal processes that creditors can take to enforce repayment of overdue debts.
Financial Memorandum
As with all Bills, the Finance and Public Administration Committee invites written evidence on the estimated financial implications of the Bill as set out in its accompanying Financial Memorandum (FM).
Read the FM for this Bill: Financial Memorandum.
Your Views
The call for views closed on 15 August 2023.
The Committee received 2 submissions to the call for views. Read the submissions on Citizen Space.
The Committee agreed to forward the submissions received to the Economy and Fair Work Committee as part of that Committee's consideration of the Bankruptcy and Diligence (Scotland) Bill and to take no further action.