Accountant in Bankruptcy


Also found in: Acronyms.

Accountant in Bankruptcy

in Scotland, an executive agency charged with functions in relation to insolvency, in particular: to supervise the process of sequestration in Scotland and to ensure that those involved in that process, principally trustees and commissioners, properly carry out their responsibilities, and to take appropriate action when they fail so to do; to maintain a public register of sequestrations, protected trust deeds and company insolvencies; to undertake the functions of commissioners in sequestrations where none may be, or are, elected; and to act as interim and permanent trustee in sequestrations where no insolvency practitioner is appointed or elected to do so. The Accountant also has responsibility for administering the government's policies in respect of personal insolvency and the process of corporate insolvency in Scotland and to monitor the implementation of these policies. Finally, the office has responsibility as the DEBT ARRANGEMENT SCHEME ADMINISTRATOR, involving the keeping of a register, approval of variations of debt payment programmes and for the approval of money advisers and payment distributors.
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