Explanatory Notes

Bankruptcy and Diligence etc. (Scotland) Act 2007

2007 asp 3

15 January 2007

The Act


Part 1 – Bankruptcy
Miscellaneous and general
Section 25 - Debt limits in sequestrations

88.This section amends the qualifying debt limit threshold, which sets out the minimum amount of debt that must be owed in order for a person to be sequestrated (see paragraph 59 above). It provides that a debtor must have debts of £3,000 or more. The amount of the qualifying debt limit can be amended by regulations (subject to affirmative resolution procedure).