On the surface, the Enterprise Act 2002 creates a consistent approach to certain aspects of company insolvency in Scotland, England and Wales.
But in some key respects the Act’s radical changes to existing principles and practice may have a significantly greater impact north of the border that was perhaps largely unforeseen by its legislators. Lenders and other creditors to companies in Scotland may well need to change their procedures and use previously unaccustomed means to protect their interests – while also staying alert to potentially new divergences inadvertently created by the Act between Scottish and English law.
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