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The Accountant in Bankruptcy

The Accountant in Bankruptcy. AiB Stakeholder Events 2013. Content. AiB Mission and Functions Volumes of Activity & Trends Updates Workshop Topics Engaging with AiB. The Accountant in Bankruptcy (AiB). Mission:

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The Accountant in Bankruptcy

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  1. The Accountant in Bankruptcy AiB Stakeholder Events 2013

  2. Content • AiB Mission and Functions • Volumes of Activity & Trends • Updates • Workshop Topics • Engaging with AiB Stakeholder Events|RWS|Nov 2013

  3. The Accountant in Bankruptcy (AiB) Mission: To ensure access to fair and just processes of debt relief and debt management for the people of Scotland, which takes account of the rights and interests of those involved Vision: A Financial Health Service for Scotland Stakeholder Events|RWS|Nov 2013

  4. AiB Functions Recognising our unique role - we achieve this through the following functions: • Supporting Ministers to develop & refine policy • Supervising the insolvency process • Delivering, with stakeholders, a range of options for individuals seeking debt relief and debt management • Delivering best value public services By doing so, we will support the Scottish Government’s purpose – “to create a more successful country, with opportunities for all of Scotland to flourish, through increasing sustainable economic growth” Stakeholder Events|RWS|Nov 2013

  5. Trends in Activity Based on current levels of activity (6 months to end Sept) • Predicted changes in demand levels for 2013/14: -16% (decrease) in Bankruptcies -8.6% (decrease) in PTDs Net 12.5% decrease in insolvencies + 2% (increase) in DAS Continued reduction in number of creditor petitions -22% predicted • Ministers continued concerns about: • Pay day loans Stakeholder Events|RWS|Nov 2013

  6. Debt Arrangement Scheme (DAS) Stakeholder Events|RWS|Nov 2013

  7. Social Marketing • http://www.dasscotland.gov.ukhttp://www.helpoutofthehole.org • http://www.12daysofdebtmas.com Stakeholder Events|RWS|Nov 2013

  8. More facts • 18% joint DPPs 3.4% for a single debt • DAS – third key product for AiB 2012/13 Bankruptcies 8,838 PTDs 8,177 DAS 4,632 • In 2012/13 £23 million was repaid to creditors through DAS • £14.2 million repaid, to date this year • Compared to PTDs - £40.4 million ingathered but only £18.97 million paid to creditors • The 2013 DAS changes will be discussed in depth today at the DAS workshop Stakeholder Events|RWS|Nov 2013

  9. Number of approved DAS DPPs by financial year Number 5,000 4,632 4,500 4,000 3,500 3,319 3,000 2,500 2,000 1,809 1,417 1,500 908 1,000 442 500 99 0 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 Year DAS – Activity Levels • Number of DAS DPPs still increasing… Stakeholder Events|RWS|Nov 2013

  10. Insolvencies - Activity Levels Stakeholder Events|RWS|Nov 2013

  11. Bankruptcy (Sequestration) • Debtor Applications - currently still 3 routes • LILA (Low Income Low Asset) • Apparent Insolvency • Certificate for Sequestration • At the end of Q2 this year 1,258 bankruptcy awards had been made using the Certificate for Sequestration • Of which - trustee breakdown is AiB 32% Private trustee 68% Stakeholder Events|RWS|Nov 2013

  12. AiB Updates • Training • International • Business Planning Stakeholder Events|RWS|Nov 2013

  13. Training Continued investment in staff training and development: • CPPI • Management training • Customer service training Stakeholder Events|RWS|Nov 2013

  14. Memorandum of Understanding • Signed during the conference by: • The Insolvency Service • Accountant in Bankruptcy (Scotland) • The Insolvency Service (N. Ireland) • Office of the Director of Corporate Enforcement (Ireland) • The Insolvency Service of Ireland • Viscounts Department, The Royal • Court of Jersey Describes the principles of co-operation to be adopted by the organisations (the members) in terms of seeking to add mutual value by promoting knowledge sharing and closer collaboration, while recognising and respecting different political perspectives, social drivers and legal frameworks across the various jurisdictions. Stakeholder Events|RWS|Nov 2103

  15. International • International Association of Insolvency Regulators (IAIR) • Members are: • Government Departments/Ministries • Agencies and Public Authorities • Which have responsibility in their country for one or more of: • Insolvency Policy & Legislation • Insolvency Practice & Administration • Insolvency Regulation • Rosemary Winter-Scott Chair of IAIR • Scotland hosted its Annual International Conference and AGM in Edinburgh 23-26th September 2013 Stakeholder Events|RWS|Nov 2013

  16. Business Planning • 5 Corporate Objectives Stakeholder Events|RWS|Nov 2013

  17. Business Planning • Placing the policy of the “Financial Health Service” at the core of our business. • Increased policy role on wider Financial Inclusion issues – i.e. Pay day lending Stakeholder Events|RWS|Nov 2013

  18. Workshop Topics • The Bankruptcy and Debt Advice (Scotland) Bill • – an insight into the changes being proposed in the Bill • Changes to Protected Trust Deeds • – information on key changes from the regulations and the new PTD Hub • Debt Arrangement Scheme Update • – an opportunity to explore the impact of the recent new DAS regulations Stakeholder Events|RWS|Nov 2013

  19. Engaging with AiB We welcome stakeholder engagement: • Attend the annual Stakeholder events hosted around Scotland • Call and engage with my staff about any areas of interest • Invite me/my staff to come out and speak at your events • Visit our Website – an increasing source of publications & information • Visit AiB or shadow a member of AiB staff • Follow us on Twitter @AiB_Updates Stakeholder Events|RWS|Nov 2013

  20. Rosemary Winter-Scott The Accountant in Bankruptcy & Agency Chief Executive T: 0300 200 2901 E:ce@aib.gsi.gov.uk

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