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Bankruptcy and Diligence etc. (Scotland) Act 2007

Bankruptcy and Diligence etc. (Scotland) Act 2007

2007 asp 3

The Act

Commentary

Part 1 – Bankruptcy
Modification of composition procedure
Section 21 – Modification of composition procedure

79.This section amends Schedule 4 to the 1985 Act which sets out the procedure for an offer of composition (which is a settlement offer made by a sequestrated debtor to the creditors which, if accepted, results in the debtor being discharged). Offers of composition will now be made by the debtor to the trustee and passed for approval to the AiB rather than to the court.

80.The previous requirement for active agreement by the creditors is changed so that those creditors who do not actively object and have been notified of the offer will be considered to have agreed to the offer of composition.

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Nodiadau Esboniadol

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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