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The Bankruptcy (Scotland) Amendment Regulations 2024
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- Scottish Statutory Instruments
- 2024 No. 48
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EXPLANATORY NOTE
This note is not part of the Regulations
These Regulations amend the prescribed rate of interest that applies to a claim in sequestration for the purposes of section 129(10) of the Bankruptcy (Scotland) Act 2016. The Regulations amend regulation 26 of the Bankruptcy (Scotland) Regulations 2016, which is where the existing rate of interest is specified. The new rate of interest is the Bank of England base rate which applies on the date of sequestration, plus an additional 2%.
Section 129(10) of the Bankruptcy (Scotland) Act 2016 provides that the rate of interest payable on a claim in a sequestration under section 129(1)(h) is the greater of the prescribed rate at the date of sequestration, or the rate applicable to that debt apart from the sequestration. The rate prescribed in these Regulations will accordingly be applicable only in cases where the date of sequestration falls on or after the date these Regulations come into force.
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