Since the First Minister’s announcement on 06 September 2022 about a rent freeze for public and private properties and a ban on evictions until the end of March 2023, I have been contacted by clients on a daily basis seeking clarity on what they can/cannot do. In what some may describe as typical Scottish Government fashion, the announcement was lacking in detail.
The Coronavirus (Scotland) (No 2) Act 2020 temporarily increased the minimum debt level which a debtor must owe a creditor before a creditor was able to commence a petition for sequestration (bankruptcy) from £3,000 to £10,000. This temporary increase in the debt threshold was due to come to an end on 31 March 2022 but was extended and is now due to end on 30 September 2022.
Just today, economists at Citi, the American bank, have forecast that the rate of UK inflation will peak at 18.6% in January 2023. This has serious ramifications for business and individuals alike. With wages simply unable to keep pace with the soaring rate of inflation, individuals will have less disposable income to spend on new purchases and to pay off existing debts. This is why companies should be alert to the looming crisis and ensure that they have robust cash flow management and debt recovery procedures in place, especially as we head into winter when the impact of the crisis will be worst.
Just in time for plastic free July, Scotland has become the first part of the UK to ban many single-use plastics. The legislation, The Environmental Protection (Single-use Plastic Products) (Scotland) Regulations 2021, came into force on 1 June 2022.
