The Debt Arrangement Scheme (Scotland) Amendment Regulations 2014

Functions and duty of a money adviser

7.  In regulation 12 (functions and duty of a money adviser)—

(a) in paragraph (3), after “to a debtor” where it first occurs insert “or advises a debtor which is a legal person, trust or unincorporated body of persons”;

(b) in both heads (i) and (ii) of paragraph (3)(b), after “adviser” insert “or any nominated person under regulation 22A(7)(b)”;

(c) after paragraph (3)(b)(ii)—

(i) omit “and”; and

(ii) insert—

“(iia) on any resignation, the full name and business address of the replacement money adviser or nominated person; and”; and

(d) after regulation 12 insert—

“Additional functions and duty of a money adviser: legal persons and other entities

12A.   Where the debtor is a legal person, trust or unincorporated body of persons a money adviser must—

(a) in any review under regulation 12(3)(a) include a declaration of viability;

(b) if unable to make such a declaration because the money adviser considers the debtor does not meet the requirements contained in regulation 22A(7)(c), apply as soon as reasonably practicable for revocation under regulation 41; and

(c) on becoming aware of information which causes the adviser to believe that a ground for revocation under regulation 42(1) is met, apply as soon as reasonably practicable for revocation under regulation 41.”.