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Sheana Campbell
Sheana Campbell

The Faculty of Advocates

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1 Contributions by The Faculty of Advocates Experts

Scotland: Remuneration of insolvency office‑holders in corporate liquidation, administration, receivership and CVAs: basis, approval, accounting periods, reporting, pre‑appointment costs, appeals and court reporter practice
PRACTICE NOTES
Scotland: Remuneration of insolvency office‑holders in corporate liquidation, administration, receivership and CVAs: basis, approval, accounting periods, reporting, pre‑appointment costs, appeals and court reporter practice
Introduction and background The Bankruptcy (Scotland) Act 1985 (B(S)A 1985) took effect in 1986 and laid out, in detail, the processes for managing sequestration (Scottish bankruptcy). When the Insolvency (Scotland) Rules 1986, SI 1986/1915, were issued shortly afterwards for corporate insolvency in Scotland, they drew upon the newly enacted B(S)A 1985 provisions and tailored them for liquidation, particularly for adjudication of claims, accounting periods, and approval of the liquidator’s remuneration. Accordingly, the 1986 liquidation rules directed readers to the relevant parts of B(S)A 1985, with instructions to read ‘liquidation’ for ‘sequestration’ and ‘liquidator’ for ‘trustee’. With the advent of the ‘new’ administration regime in 2003 under the Enterprise Act 2002, the administration rules covering adjudication of claims, accounting periods and approval of the administrator’s remuneration simply cross-referenced the liquidation rules, which themselves referred back to sequestration and B(S)A 1985. Thus, the approach to
Restructuring & Insolvency
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