Insolvency experts from ICAS and R3 are meeting today to discuss whether the Scottish equivalent of the individual voluntary arrangement, known as the protected trust deed, should work more like its English counterpart.

The discussions are planned due to concerns that changes proposed to protected trust deeds by the Scottish Executive are not in the best interests of debtors.

'We'll look at the IVA as a workable model,' said Eileen Maclean, R3 chairman of Scotland.

Along with the Insolvency Practitioners Association, the bodies have also expressed concerns at changes to insolvency legislation mooted by the Scottish Executive through the Bankruptcy and Diligence (Scotland) Bill.

Today's meeting will look into providing alternative plans to widen access to Scottish bankruptcy, known as sequestration, for appropriate cases.

Accountancy Age - http://myvesta.org.uk