The modernisation of the Scottish Insolvency Rules has been eagerly awaited for some time. In April 2017, England & Wales will see the newly transformed insolvency legislation take full effect with the introduction of the Insolvency (England and Wales) Rules 2016. These new rules do not, however, impact on Scotland.

Overview

The following propositions for cross-border security and insolvency law in Scotland have recently been supported at first instance in the Court of Session:

1. a floating charge need not be valid and enforceable under the law governing foreign assets charged in order to be considered valid and enforceable over such assets for the purposes of appointing an administrator out of court under the Insolvency Act 1986 (the IA);

The question of who is entitled to payment of compensation for PPI where a debtor has been discharged from his/her Protected Trust Deed (PTD) had given rise to conflicting judicial decisions in Scotland. In our previous article, we highlighted the uncertainty created following the decision of Sheriff Reid in the case ofDonnelly v The Royal Bank of Scotland (Donnelly) and the decision of Lord Jones in Dooneen Limited, t/a Mcginnes Associates and Douglas Davidson v David Mond (Dooneen).

The Scottish Government has been ahead of the rest of the UK in its attempts to introduce methods which are designed to change behaviour and encourage people to operate in buildings in a more energy efficient manner.

The Assessment of Energy Performance of Non-domestic Buildings (Scotland) Regulations 2016 came into effect on 1 September and are aimed at effecting those behavioural changes.

The question of who is entitled to payment of compensation for PPI where a debtor has been discharged from his/her Protected Trust Deed (PTD) has given rise to conflicting judicial decisions in Scotland. In our previous article, we highlighted the uncertainty created following the decision of Sheriff Reid in the case of Donnelly v The Royal Bank of Scotland and the decision of Lord Jones in Dooneen Limited, t/a Mcginnes Associates and Douglas Davidson v David Mond.

Introduction

What is a Scottish LP?

In common with LPs registered in the rest of the UK, a Scottish LP is a partnership formed in accordance with the Limited Partnerships Act 1907. A Scottish LP:

Introduction

It is estimated that there were almost 40,000 Protected Trust Deeds (“PTD”) entered into between 2005 and 2010. Similar to an IVA, a PTD is a voluntary arrangement in which the debtor conveys his estate to an insolvency practitioner (“the Trustee”) to be held on trust for the benefit of creditors. A large number of those who enter into a PTD do so because of borrowing that they have incurred on credit cards.

The decision of the Inner House of the Court of Session was released last week in the keenly awaited application by the liquidators of Scottish Coal who sought directions on whether a liquidator appointed to a Scottish company could: