Bankruptcy and Diligence Etc. (Scotland) Bill [AS AMENDED at STAGE 2]

Bankruptcy and Diligence etc. (Scotland) Bill [AS AMENDED AT STAGE 2] CONTENTS Section PART 1 BANKRUPTCY Duration of bankruptcy 1 Discharge of debtor Bankruptcy restrictions orders and undertakings 2 Bankruptcy restrictions orders and undertaking s Effect of bankruptcy restrictions orders and undertakings 3 Disqualification from being appointed as receiver 4 Disqualification for nomination, election and holding office as member of local authority 5 Orders relating to disqualification The trustee in the sequestration 6 Amalgamation of offices of interim trustee and permanent trustee 7 Repeal of trustee’s residence requirement 8 Duties of trustee 9 Grounds for resignation or removal of trustee 10 Termination of interim trustee’s functions 11 Statuto ry meeting and election of trustee 12 Replacement of trustee acting in more than one sequestration 13 Requirement to hold money in interest bearing account Debtor applications 14 Debtor applications 14A Debtor applications by low income, low asset debtors Jurisdiction 15 Sequestration proceedings to be competent only before sheriff Income received by debtor after sequestration 16 Income received by debtor after sequestration Debtor’s home and other heritable property 17 Debtor’s home and other heritable property SP Bill 50A Session 2 ( 2006 ) ii Bankruptcy and Diligence etc. (Scotland) Bill Protected trust deeds 18 Modification of provisions relating to protected trust deeds Modification of composition procedure 19 Modification of composition procedure Status and powers of Accountant in Bankruptcy 20 Status of Accountant in Bankr uptcy as officer of the court 21 Accountant in Bankruptcy’s power to investigate trustees under protected trust deeds Offences 22 Modification of offences under section 67 of the 1985 Act Miscellaneous and general 23 Creditor to provide debt advice and i nformation package 23A Continuation of sequestration proceedings pending approval of debt payment programme 24 Abolition of summary administration 25 Non -vested contingent interest reinvested in debtor 26 Debtor’s requirement to give account of state of af fairs 27 Restriction of debtor’s right to appeal under sections 49(6) and 53(6) of the 1985 Act 28 Status of order on petition to convert protected trust deed into sequestration 28A Power to provide for lay representation in sequestration proceedings 29 Tr eatment of student loans on sequestration 29A Certain regulations under the 1985 Act: procedure 30 Minor and consequential amendments of the 1985 Act PART 2 FLOATING CHARGES Registration and creation etc. 31 Register of Floating Charges 32 Creation of flo ating charges 33 Advance notice of floating charges 34 Ranking of floating charges 34A Ranking clauses 35 Assignation of floating charges 36 Alteration of floating charges 37 Discharge of floating charges 38 Effect of floating charges on winding up 39 Repe als, savings and transitional arrangements 40 Interpretation Related further provision 41 Formalities as to documents 42 Industrial and provident societies PART 3 ENFORCEMENT Scottish Civil Enforcement Commission 43 Scottish Civil Enforcement Commission Bankruptcy and Diligence etc. (Scotland) Bill iii 44 Information and annual report 45 Publication of guidance and other information 46 Published information not to enable identification 47 Register of judicial officers 48 Code of practice 49 Publication of information relating to informal debt collection 50 Electronic publication Judicial officers 51 Judicial officers 52 Appointment of judicial officer 53 Annual fee Abolition of offices of messenger -at -arms and sheriff officer 54 Abolition of offices of messenger -at -arms and sheriff officer Regulation o f judicial officers 55 Regulation of judicial officers 55A Duty to notify Commission of bankruptcy etc. 56 Judicial officers professional association 56A Duty of professional association to forward complaints to Commission 56B Information from professional association Investigation of judicial officers 57 Inspection of judicial officer 58 Investigation of alleged misconduct by judicial officer 59 Suspension of judicial officer pending outcome of disciplinary or criminal proceedings 60 Commission’s duty in relation to offences or misconduct by judicial officer 60A Commission’s power in relation to judicial officer’s bankruptcy etc. Disciplinary proceedings 61 Referrals to the disciplinary committee 62 Disciplinary committee’s powers 63 Orders under sections 59 and 62: supplementary provision Appeals 64 Appeals from decisions under sections 52, 59 and 62 Miscellaneous 65 Judicial officer’s actions void where offic er has interest 66 Measure of damages payable by judicial officer for negligence or other fault 67 Effect of code of practice PART 4 LAND ATTACHMENT AND R ESIDUAL ATTACHMENT CHAPTER 1 ABOLITION OF ADJUDICA TION FOR DEBT 68 Abolition of adjudication for debt 69 Renaming of the Register of Inhibitions and Adjudications iv Bankruptcy and Diligence etc. (Scotland) Bill CHAPTER 2 ATTACHMENT OF LAND Lan d attachment 70 Land attachment 71 Attachable land 72 Notice of land attachment Consequences of land attachment 73 Debts secured by land attachment not rendered heritable 74 Restriction on priority of ranking of certain securities 75 Lease granted after r egistration of notice of land attachment 76 Assignation of title deeds etc. 77 Acquisition of right to execute land attachment 78 Effect of debtor’s death before land attachment created 79 Effect of debtor’s death after land attachment created 80 Caveat by purchaser under missives Preparations for sale of attached land 81 Application for warrant to sell attached land 82 Notice to local authority of application for warrant for sale 83 Preliminary hearing on application for warrant to sell 84 Valuation repor t 85 Creditor’s duties prior to full hearing on application for warrant for sale 86 Full hearing on application for warrant for sale 87 Application for warrant for sale of sole or main residence 88 Protection of purchaser under contract where creditor appl ies for warrant for sale 89 Protection of purchaser under contract where warrant for sale granted 90 Provision supplementary to sections 88 and 89 91 Warrant for sale of attached land owned in common 92 Intimation of sheriff’s decision at full hearing 93 Supplementary orders as respects sale 94 Effect of certain refusals of application for warrant for sale under section 86(5) 95 Termination of debtor’s right to occupy land 96 Consequences of giving notice under section 95(1) The sale 97 Appointed person 98 Method of sale 99 Legal incapacity or disability of debtor not to affect title of purchaser 100 Title of purchaser not to be affected by certain irregularities 101 Effect of registration of disposition on securities 102 Report of sale 103 Audit of report of sale 104 Sheriff’s consideration of report 105 Proceeds of sale Foreclosure 106 Foreclosure 107 Registration of decree of foreclosure Bankruptcy and Diligence etc. (Scotland) Bill v Payments to account and expenses 108 Ascription 109 Expenses of land attachment Termination, discharge etc. of land attachment 110 Termination by payment etc. 111 Discharge 112 Recall and restriction of land attachment 113 Duration of land attachment Land attachment subsequent to reduction of deed granted in breach of inhibition 114 Land attachment subsequent to reduc tion of deed granted in breach of inhibition General and miscellaneous 115 Land attachment as heritable security 116 Interpretation CHAPTER 3 RESIDUAL ATTACHMENT Residual attachment 117 Residual attachment Application for residual attachment order 118 Application for residual attachment order 119 Effect of application for residual attachment order Residual attachment order 120 Residual attachment order 121 Schedule of residual attachment 122 Creation and effect of residual attachment Satisfaction order 123 Application for satisfaction order 124 Satisfaction order 125 Intimation of court’s decision 126 Effect of certain refusals of application for satisfaction order Termination, discharge etc. of residual attachment 127 Termination by payment etc. 128 Recall 129 Duration of residual attachment 130 Effect of death of debtor General and miscellaneous 131 Expenses of residual attachment 132 Ascription 133 Interpretation vi Bankruptcy and Diligence etc. (Scotland) Bill PART 5 INHIBITION Creation 134 Certain decrees and documents of debt to authorise inh ibition without need for letters of inhibition 134A Provision of debt advice and information package when executing inhibition 135 Registration of inhibition 136 Date on which inhibition takes effect Effect 137 Property affected by inhibition 138 Effect o n inhibition to enforce obligation when alternative decree granted 139 Effect of conversion of limited inhibition on the dependence to inhibition in execution 140 Property affected by inhibition to enforce obligation to convey heritable property 141 Inhibi tion not to confer a preference in ranking 142 Power of receiver or liquidator in creditors’ voluntary winding up to dispose of property affected by inhibition Termination 143 Termination of effect of inhibition 144 Inhibition terminated by payment of ful l amount owing 145 Inhibition terminated by compliance with obligation to perform 146 Termination of inhibition when property acquired by third party Breach 147 Breach of inhibition 148 Prescription of right to reduce transactions in breach of inhibition 149 Registration of notice of litigiosity and discharge of notice 150 Reduction of lease granted in breach of inhibition General and miscellaneous

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