The Chancellor announced in his budget that the Crown is to be re-instated as a preferential creditor in insolvency, reversing the changes brought in by The Enterprise Act 2002.

We saw important amendments to the Bulgarian Commerce Act (the “Act”) come to life at the very end of 2016, most notably regarding:

Notary certifications – currently in effect

An action has successfully been brought by the administrators of Questway Limited, Oceancrown Limited and Loanwell Limited (all in administration) against Stonegale Limited and Norman Ralph Pelosi (the sole shareholder and director of Stonegale Limited) to reduce alienations of properties in Glasgow, under s.242(1) of the Insolvency Act 1986 (the “Insolvency Act”).

As part of the Scottish Government’s aim of introducing a “Financial Health Service” in Scotland, the Bankruptcy and Debt Advice (Scotland) Act 2014 will this year bring into effect some of the widest reaching changes to the law on personal insolvency seen in the last five years. We set out below a brief guide to the main changes, as follows.

1) Business DAS – introduced in December 2014

A number of changes have been made to insolvency procedure to remove various discrepancies and controversial practices: