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Chamber and committees

Official Report: search what was said in Parliament

The Official Report is a written record of public meetings of the Parliament and committees.  

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Dates of parliamentary sessions
  1. Session 1: 12 May 1999 to 31 March 2003
  2. Session 2: 7 May 2003 to 2 April 2007
  3. Session 3: 9 May 2007 to 22 March 2011
  4. Session 4: 11 May 2011 to 23 March 2016
  5. Session 5: 12 May 2016 to 5 May 2021
  6. Current session: 12 May 2021 to 18 June 2025
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Displaying 895 contributions

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Delegated Powers and Law Reform Committee

Moveable Transactions (Scotland) Bill: Stage 1

Meeting date: 1 November 2022

Bill Kidd

That makes sense and, therefore, I am not 100 per cent sure whether my next question will fall under the same provisos.

Several stakeholders have called for there to be links between the registers set up by the bill and Companies House. The committee understands that that is being discussed with the UK Government. Will you update us on any progress?

Delegated Powers and Law Reform Committee

Moveable Transactions (Scotland) Bill: Stage 1

Meeting date: 1 November 2022

Bill Kidd

Thank you very much for that. That is useful to know.

The Scottish Government has proposed that updates to the register of statutory pledges鈥攆or example, when a statutory pledge is discharged鈥攚ill be voluntary. Given feedback that creditors will want to minimise the information that is provided to reduce the risk of errors and that the English experience is that creditors are notoriously slow to deal with discharges, do you think that that is a realistic approach?

Delegated Powers and Law Reform Committee

Moveable Transactions (Scotland) Bill: Stage 1

Meeting date: 1 November 2022

Bill Kidd

Okay. That is understandable.

There is a worry that the register of statutory pledges could stop working effectively if too many out-of-date statutory pledges remained on it. The Faculty of Advocates has proposed that creditors should be able to set the timescale that a pledge can last for when they register it. Is that something that the Scottish Government might be interested in?

Delegated Powers and Law Reform Committee

Moveable Transactions (Scotland) Bill: Stage 1

Meeting date: 1 November 2022

Bill Kidd

That gives a pointer to the idea that the process is supposed to be more open and accessible than the present arrangements, and for a wider range of people. I thank you very much for that.

Delegated Powers and Law Reform Committee

Moveable Transactions (Scotland) Bill: Stage 1

Meeting date: 25 October 2022

Bill Kidd

You have covered a wide range of issues. Thank you very much for doing so.

Supporters of the reforms have stated that they are likely to make access to credit cheaper. Do you agree that that will be the case in practice, or is that a smokescreen for the new legislation?

Delegated Powers and Law Reform Committee

Moveable Transactions (Scotland) Bill: Stage 1

Meeting date: 25 October 2022

Bill Kidd

In your view, businesses in England and other countries have access to a wider range of finance options than we have in Scotland at present. As you mentioned earlier, people take up the advantages of running things under English law. Will the bill open up options and mean that people will be able to concentrate their options here in Scotland?

Delegated Powers and Law Reform Committee

Moveable Transactions (Scotland) Bill: Stage 1

Meeting date: 25 October 2022

Bill Kidd

Thank you for that. All three of you have said that it is something that you would want to consider. What benefits would such a link bring to Registers of Scotland?

Delegated Powers and Law Reform Committee

Moveable Transactions (Scotland) Bill: Stage 1

Meeting date: 25 October 2022

Bill Kidd

That is very helpful. Thank you very much for that, which has answered my question.

Delegated Powers and Law Reform Committee

Moveable Transactions (Scotland) Bill: Stage 1

Meeting date: 25 October 2022

Bill Kidd

When the committee put out a call for views, some stakeholders suggested that there should be links between the registers in the bill and Companies House. You obviously know about that鈥擨 can see you nodding. That would avoid a need for companies to register financial arrangements twice. Some of those who would have to register would not wish to register with more than one body, which would be a complication for them. Will you consider that?

Delegated Powers and Law Reform Committee

Moveable Transactions (Scotland) Bill: Stage 1

Meeting date: 25 October 2022

Bill Kidd

That makes a lot of sense. Thanks for that.