PART 2
Amendment of the 2016 Act
Financial criteria for minimal asset process4.
(1)
Section 2 of the 2016 Act (sequestration of estate of living debtor) is amended in accordance with paragraphs (2) and (3).
(2)
In subsection (2)(b)(ii), for “£17,000” substitute “£25,000”.
(3)
After subsection (2) insert—
“(2A)
For the purposes of subsection (2)(b), the amount of a loan made to the debtor is not to be regarded as a debt where the loan was made by virtue of regulations to which section 73B (regulations relating to student loans) of the Education (Scotland) Act 19806 applies.”.
(4)
Paragraphs (2) and (3) apply in relation to a sequestration of a debtor’s estate only where the debtor application (within the meaning of the 2016 Act) was made on or after 29 March 2021.