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 etc. (Scotland) Regulations 2012 (“the 2012 Regulations”), subject to a saving in regulation 13 for petitions and applications for sequestration lodged or trust deeds granted before 1st April 2015. They are made following the amendment of the 1985 Act by the Bankruptcy and Debt Advice (Scotland) Act 2014, including in relation to functions transferred from the court to the Accountant in Bankruptcy.
The fees formerly payable under the 2012 Regulations are shown in column 3 of the Table of Fees in the Schedule to these Regulations (“table of fees”); 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 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 the table of fees relate to other functions of the Accountant in Bankruptcy (regulations 6 to 12).
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.