Accountant in Bankruptcy suspends sale and evictions from property in ongoing administrations
Scotland’s insolvency service Accountant in Bankruptcy (AiB) has suspended sales and evictions from property in ongoing bankruptcy administrations until further notice in response to the current coronavirus pandemic.
New measures and greater flexibility are also being introduced by AiB - Scotland’s insolvency service - to simplify procedures to help those seeking debt relief through bankruptcy, or need more time to pay their debts through the Debt Arrangement Scheme. This action will also help alleviate the administrative burden on frontline money advisers and insolvency practitioners.
AiB deals with approximately 80% of bankruptcy cases in Scotland and it has urged other trustees to show similar leniency and flexibility.
Business Minister Jamie Hepburn welcomed the new measures. He said: “This pandemic will have severe economic consequences and we are treating it as an economic emergency, affecting everyone from the largest conglomerates to small businesses and individuals.
“The Scottish Government is working hard to respond to this and we’ve announced a £2.2 billion package of measures to support businesses.
“We’re asking banks, insurance companies and our own departments to be flexible and compassionate wherever possible, including offering mortgage holidays and extending timescales for those in persistent credit card debt. This will help reduce the pressure on individuals facing financial difficulties caused or made worse by the current crisis, and we are actively considering what more we can do to help.”
Read all of our articles relating to COVID-19 here.