The applicant’s business must be in Scotland or have been formed under Scots Law.
Unlike the traditional DAS, Business DAS Money Advisers must be qualified Insolvency Practitioners.
Business DAS proposals must receive relevant consents from interested persons such as each partner in a partnership, each general or limited partner in a limited partnership, the majority of trustees in a trust and, a person authorised to act on behalf of an incorporated or unincorporated body.
All qualifying debts must be included at the time of application. However on-going liabilities, such as supplier debts, will not be considered a debt unless they become “due” and remain unpaid.
A declaration of viability must be submitted with a Business DAS application.
Where a debtor is a charity the Office of the Scottish Charity Regulator (OSCR) must be notified of the application; acceptance, rejection, revocation, completion of the DPP.
Insolvency Practitioners must review the viability of the business every 12 months and must apply for revocation where no longer viable.
All cases must be completed within 5 years and no payment breaks are allowed.
No offer of composition may be made.
The DAS register has been updated to allow for searches for Business DAS cases.
SPECIALISTS IN DEBT ARRANGEMENT SCHEMES