BUSINESS-RELATED BANKRUPTCIES UNDER THE BANKRUPTCY (SCOTLAND) ACT 1985 (AS AMENDED)- PHASE 1: SCOPING STUDY
Footnotes
1. Bankruptcy - A Fresh Start, Department of Trade and Industry, March, 2000
2. The trustee can ask for a deferment of discharge on specified grounds, including if the debtor has failed to co-operate or is suspected of committing offences.
3. The diligence of poinding and warrant sale is to be abolished not later than 31 st December 2002. A Working Group has been set up to identify an alternative diligence against moveable property and make recommendations to Parliament.
4. Inquiry 2000 - Seven Years on from the Business Birth Rate Inquiry, April 2000
5. Pathfinders to the Parliament - A Business Agenda for the Scottish Parliament, The Scottish Office, March 1999, Small Business Chapter
6. Pathfinders to the Parliament - A Business Agenda for the Scottish Parliament, The Scottish Office, March 1999, Executive Summary
7. In Aid of Enterprise - Reform of Scotland's Bankruptcy Laws, Entrepreneurial Exchange, December 1999
8. Bankruptcy - A Fresh Start, Department of Trade and Industry, March, 2000
9. A number of sources of statistics on bankruptcies in Scotland exist, including those published by the Accountant in Bankruptcy, the Department of Trade and Industry (DTI), and Dun & Bradstreet, a commercial business information company. The Scoping Study has found that the most reliable and comprehensive source is the Accountant in Bankruptcy.
10. Annual Report, 1999/2000, The Accountant in Bankruptcy, p.23
11. The trustee can ask for a deferment of discharge on specified grounds, including if the debtor has failed to co-operate or is suspected of committing offences.
12. See the Glossary of Terms in Annex A.
13. The diligence of poinding and warrant sale is to be abolished not later than 31 st December 2002. A Working Group has been set up to identify an alternative diligence against moveable property and make recommendations to Parliament.
14. Annual Report, 1999/2000, The Accountant in Bankruptcy, p.14-15
15. Annual Report, 1999/2000, The Accountant in Bankruptcy, p.23
16. Annual Report, 1999/2000, The Accountant in Bankruptcy, p.23
17. Notes for Guidance of Interim Trustees, Permanent Trustees and Agents, The Accountant in Bankruptcy, 2.2.4
18. Estimating from Civil Judicial Statistics, 1999 and the Accountant in Bankruptcy's Annual Report, 1999/2000, in 1999 52% of creditor petitions were dismissed.
19. Notably in USA, Canada, Australia and England & Wales.
20. A list of references is provided in Annex C.
21. "because of the limited information contained in court records it was often only revealed during the course of the interviews that the debtor had incurred their debt through business activities" - Evaluation of the Debtors (Scotland) Act 1987: Study of Debtors, David Whyte, Scottish Office, 1999 p:11
22. This glossary is based on definitions provided in An Introduction to Sequestration, The Accountant in Bankruptcy, and in Understanding Insolvency, Third Edition, issued by the Society of Practitioners of Insolvency (SPI, now renamed R3), 1997.