Updating Scotland’s practitioners

Bankruptcy legislation, global talent, drinks deposit scheme and more…

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New proposals for bankruptcy legislation unveiled in Scotland

Deputy First Minister Shona Robison has introduced the Bankruptcy and Diligence (Scotland) Bill which makes improvements to current insolvency solutions. As well as making technical changes to the law of diligence (debt recovery), the Bill provides an enabling power to establish a mental health moratorium on debt recovery action to support those struggling with problem debt and serious mental health issues. The Bill will proceed through the Scottish Parliament this year and is expected to come into force in 2024.

New flexibility in business lending as Moveable Transactions Bill is passed

The Scottish Parliament has now completed the passing of the Moveable Transactions Bill, which is expected to come into force in 2024. This overhauls outdated aspects of Scots law relating to use of tangible and non-tangible assets as security and means that physical assets (such as machinery and vehicles), as well as non-tangible assets (such as rental income streams or patents), can more easily be used as security by lenders.

Scottish Global Talent Trends event

We recently launched the UK version of ACCA’s Global Talent Trends report which explores a range of aspects of working in the accountancy profession, including Scotland’s leading role in hybrid working.

Please join us at a briefing & discussion event in Glasgow on 7 June, where we will be joined by ACCA’s Chief Executive Helen Brand, to hear more about the new report, Scotland Talent Trends in Accountancy 2023.

Latest on Scottish Drinks Deposit and Return Scheme

There has been widespread media coverage highlighting changes to the proposed drinks deposit and return scheme, which has now been pushed back to come into operation in March 2024. The Scottish government has announced a range of amendments to help small businesses, including an exemption on small-batch products (those that sell fewer than 5000 units) and miniatures.

SEPA has produced a useful FAQ guide and you can follow the scheme’s administrative body Circularity Scotland to find out updates and registration details for affected clients.

Scottish business support update

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We really need your feedback on current business issues, so if you are able to spare a little time please sign up for our member survey platform Member Insights Community Registration or drop Susan a line at susan.love@accaglobal.com with any feedback.