EXPLANATORY NOTE
(This note is not part of the Regulations)
These Regulations prescribe the fees and outlays payable to the Accountant in Bankruptcy in respect of the exercise of that office’s functions under the Bankruptcy (Scotland) Act 1985 (“the 1985 Act”). They also prescribe when and in what manner certain fees and outlays are due for payment.
They revoke and replace the Bankruptcy Fees (Scotland) Regulations 1993 (“the 1993 Regulations”) and the amending instruments set out in Schedule 2 to these Regulations, subject to a saving in regulation 15 for trust deeds protected before 1st July 2012.
The fees formerly payable under the 1993 Regulations are shown in column 3 of the Table of Fees in Schedule 1 to these Regulations; where there is no change this is expressly stated. In some cases, the fees may be met as expenses in the distribution of the estate of the debtor (see section 51 of the 1985 Act).
The fees set by Part 1 of the table of fees in Schedule 1 to the Regulations relate to the exercise of the Accountant in Bankruptcy’s functions of acting as interim trustee and trustee in sequestration (regulations 3 to 5). The fees set by Part 2 of that table of fees relates to other fees charged by the Accountant in Bankruptcy (regulations 6 to 13).
Regulation 14 makes a minor amendment to the form for a debtor application for sequestration consequential on a fee increase under these Regulations.
A Business and Regulatory Impact Assessment has been prepared for these Regulations and can be obtained from the Accountant in Bankruptcy, 1 Pennyburn Road, Kilwinning.