Bankruptcy and Debt Advice (Scotland) Act 2014

1 Sequestration of estate of living debtor: money advice

(1) In section 5 of the 1985 Act (sequestration of the estate of living or deceased debtor)—

(a) in subsection (2B), after paragraph (b), insert—

“(ba) the debtor has obtained the advice of a money adviser in accordance with section 5C(1),”, and

(b) after subsection (4B), insert—

“(4BA) A debtor application must—

(a) include a declaration by the money adviser who provided the advice referred to in section 5C(1) that such advice has been given, and

(b) specify the name and address of the money adviser.”.

(2) After section 5B of the 1985 Act, insert—

“5C Money advice

(1) An application for the sequestration of a living debtor’s estate may not be made unless the debtor has obtained from a money adviser—

(a) advice on the debtor’s financial circumstances,

(b) advice on the effect of the proposed sequestration of the debtor’s estate,

(c) advice on the preparation of the application, and

(d) advice on such other matters as may be prescribed.

(2) In this Act, “money adviser” means a person who—

(a) is not an associate of the debtor, and

(b) is of a prescribed description or falls within a prescribed class.”.