low graphics version | feedback | help
| Front Page World |
| UK |
| Northern Ireland Scotland Wales |
| UK Politics Business Sci/Tech Health Education Sport Entertainment Talking Point In Depth AudioVideo |
Call for reform of bankruptcy laws
 Laws 'should reflect a modern society' |
Some of Scotland's top entrepreneurs have called on the Scottish Parliament to radically reform the country's personal bankruptcy laws.
Members of the Entrepreneurial Exchange have argued that present legislation - which dates back to the 17th century - needs to be changed before Scotland can develop a true enterprise culture.
The exchange said that current legislation on bankruptcy is draconian and discourages enterprise.
Its members have proposed a number of changes, including a call for the courts to treat genuine business failures differently from cases of fraud or reckless abandon.
They have also called for the bankruptcy term to be reduced from three years to a maximum of two.
'Core assets'
The exchange, which was set up four years ago to represent the interests of people who have started their own businesses, said exemption should be introduced to protect core assets including the family home and pension.
Copies of its consultation document, called In Aid of Enterprise, have been sent to all MSPs.
Donald Storrie, a member of the exchange, said: "We are not arguing against bankruptcy legislation.
"However, the legislation which currently constitutes the law of the land in Scotland owes more to a need to 'punish'...rather than the enlightened legislation which a country with a new parliament on the eve of the new millennium should enjoy."
| Search BBC News Online | |
|  Advanced search options | |
| |
 | |
 | |
| |
 | BBC RADIO NEWS |
| |
| |
 | BBC ONE TV NEWS |
| |
| |
| WORLD NEWS SUMMARY |
| |
| |
| |
| |
 | PROGRAMMES GUIDE |
| |
See also: | |
 | |
 | 29 Nov 99 | Business |
| E-business: opportunity or peril? |
| |
| 17 Nov 99 | Business |
| Insolvent firms to get breathing space |
| |
| 06 Jul 99 | The Company File |
| New bankruptcy proposals criticised |
| |
Links to other Scotland stories are at the foot of the page.
E-mail this story to a friend
