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Bankruptcy and Debt Advice (Scotland) Bill Stage 3 Debate, 20/03/14 [S]

New legislation passed by MSPs will help introduce a ‘Financial Health Service’ for Scotland, providing a modern system of debt advice and debt management.

The Bankruptcy and Debt Advice (Scotland) Bill will introduce measures such as a Minimal Asset Process, which offers debt relief quickly and at less than half the price of an application for bankruptcy under the current equivalent scheme.

The Bill is designed to balance the rights of those in debt with the needs of creditors and businesses. It will make it compulsory for debtors to receive advice from an approved money adviser before entering bankruptcy.

For full details see the Scottish Parliament and Scottish Government websites.

Further Information

Scottish Parliament Official Report 20 March 2014

Bankruptcy and Debt Advice (Scotland) Bill

Scottish Government news release