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Bankruptcy and Diligence etc. (Scotland) Act 2007

New section 73K – Sum released under section 73J(2)

702.New section 73K states how to calculate the amount which is to be released under the automatic release procedure. The sum to be released must be the lowest of—

  • the sum attached by the arrestment (which is calculated under section 73E and may be limited by the protected minimum balance provisions in section 73F);

  • the amount the arrestee holds on behalf of the debtor (excluding any funds or sums relating to future or contingent debts); or

  • the sum calculated under a formula similar to that set out in section 73E(2)(b) but without any amount representing the average costs of an action of furthcoming (which is not needed if the funds are released) and limiting the interest charged to interest up to the date of release (rather than 1 year’s interest as under section 73E(2)(b)).

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Text created by the Scottish Government to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Acts of the Scottish Parliament except those which result from Budget Bills.

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