
2024 No. 48
Insolvency
Bankruptcy
Debt
The Bankruptcy (Scotland) Amendment Regulations 2024
Made 14th February 2024
Laid before the Scottish Parliament 15th February 2024
Coming into force 6th April 2024
The Scottish Ministers make the following regulations in exercise of the powers conferred by section 129(10)(a) of the Bankruptcy (Scotland) Act 2016 and all other powers enabling them to do so.
Citation and commencement
1 
These Regulations may be cited as the Bankruptcy (Scotland) Amendment Regulations 2024, and come into force on 6 April 2024.
Amendment of the Bankruptcy (Scotland) Regulations 2016
2 

(1) Regulation 26 of the Bankruptcy (Scotland) Regulations 2016 (interest on claims in sequestration) is amended as follows.
(2) The existing text becomes paragraph (1).
(3) In paragraph (1) (so formed), for “8 per centum per annum”, substitute “an annual rate of 2 percentage points above the Bank of England base rate that applies on the date of sequestration”.
(4) After paragraph (1), insert—“
(2) In paragraph (1), “Bank of England base rate” means—
(a) except where sub-paragraph (b) applies, the percentage rate announced from time to time by the Monetary Policy Committee of the Bank of England as the official dealing rate, being the rate at which the Bank is willing to enter into transactions for providing short-term liquidity in the money markets, or
(b) where an order under section 19 of the Bank of England Act 1998 (reserve powers) is in force, any equivalent percentage rate determined by the Treasury under that section.”.
TOM ARTHUR
Authorised to sign by the Scottish Ministers
St Andrew’s House,
Edinburgh
14th February 2024