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New debt management initiative 15/12/2014 New rules will allow small and medium businesses in Scotland to continue to trade while dealing with debts.

New debt management initiative

The Scottish Government has introduced measures to allow small and medium businesses in Scotland continue to trade while dealing with debts. The changes come in the form of an extension to the existing Debt Arrangement Scheme (DAS) regulations.

Until last Thursday DAS only applied to individuals and sole traders, but have now been extended to partnerships, trusts and small to medium unincorporated businesses.

Administered by the Accountant in Bankruptcy (AiB), DAS freezes interest, fees and charges to prevent debts mounting up while allowing those applying for the scheme to commit to repaying their debts over a period of up to five years.

Extending the scheme to small and medium businesses means these outfits will access an early intervention mechanism which delivers advice, guidance and debt management solutions.

It is anticipated the measures will help prevent unnecessary business insolvency.

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