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This is a glossary of common words and expressions used in Scottish insolvency law with the nearest England and Wales insolvency law equivalent (where relevant) Absolute insolvency Meaning: When a person’s liabilities are greater than the overall worth of their assets. Nearest English equivalent: Balance sheet insolvency. Accountant in Bankruptcy (AiB) Meaning: A Scottish Government agency overseeing the regulation of personal bankruptcy (sequestration and Protected Trust Deeds) in Scotland, and able to serve as trustee in sequestrations where no insolvency practitioner is appointed. It also maintains records of corporate insolvencies in Scotland (receivership and liquidations only) but does not perform the role of Official Receiver. See Practice Note: Scotland: the Accountant in Bankruptcy. Nearest English equivalent: N/A. Accountant of Court Meaning: A court-appointed officer within Scottish Courts and Tribunals who administers funds consigned to the Accountant of Court pursuant to a Court of Session interlocutor or during liquidation proceedings. They oversee Judicial Factors or Administrators appointed by the Court to manage estates...
What is the Gazette? The Gazette offers an enduring, authoritative public record of significant statutory and non-statutory notices that can underpin legal and other procedures. Every notice is available via a single website, regardless of whether it first appeared in the London, Edinburgh or Belfast edition. In certain cases, insolvency law requires specific notices to be lodged at Companies House and published in the Gazette. Accordingly, it can be sensible to carry out searches at both Companies House and the Gazette. For more information on insolvency searches at Companies House, see Practice Note: What do insolvency searches at Companies House reveal? When are notices published in the Gazette? A notice in the Gazette will be placed on the Gazette website and in the particular edition (ie London, Edinburgh or Belfast) you choose...