ICAS Slams Scottish Government Over Bankruptcy Consultation
ICAS has criticised the Scottish government’s failure to address the family home in a recent consultation on personal bankruptcy.
The failure to address it in the current consultation is ‘a missed opportunity’, ICAS said, since the latest proposals contain implications for the family home or an individual’s sole or main dwelling house.
Describing the omission as ‘unfortunate’, the institute said the issue had been expected to be the subject of a separate consultation in 2010, which was postponed.
ICAS welcomed the consultation’s main aim of providing debt solutions for all, ensuring that those who can pay do pay, and improving returns to creditors. It said the introduction of a common financial tool to be used in assessing the quantum of contribution fr om a debtor would lead to a level of consistency, but that discretion must be built in since a debtor’s circumstances change.
ICAS said it supported the view that financial education should be offered to debtors who are caught in a constant circle of debt. The institute also agreed that creditors should receive regular dividend payments wh ere to do so would not incur disproportionate costs and that there should be a time limit imposed for the submission of claims.
Bryan Jackson, chair of the ICAS insolvency committee, said: ‘It needs to be noted that Scotland already has a well-established and respected personal insolvency regime. It is of concern that fundamental issues have not been addressed in this consultation, in favour of unnecessary focus on areas that are working effectively.’
ICAS is also urging the Scottish government to act urgently to review corporate insolvency rules.
- Companies Failing to Comply with the PSC Register Requirements can be Prosecuted for a Criminal Offence by the Companies House
- Significant Number of Companies Failed in Complying With PSC Requirements
- Baldwins Group Completes the Acquisition of Ayrshire Based Accounting Firm Sinclair Scott
- Panasonic Hit with Penalty of $143m over Fraud and Bribery Scam
- CICs to Report Remuneration of Director
- 39% of the Companies Consider Annual Reports to be Excessively Detailed
- QCA Revises its Corporate Governance Code for Small sized Quoted Companies