The Abolition of Poindings and Warrant Sales Act 2001 was an Act of the Scottish Parliament to abolish the previous practice in which a debtor’s goods are priced (poinding) in preparation for the enforced sale of the debtor’s possessions (warrant sale). The legislation was introduced in 1999 as a member’s bill by Tommy Sheridan MSP, the sole member of the Scottish Socialist Party in the Parliament.
The original draft of the bill proposed that it would have immediate effect, but this was subsequently amended to delay implementation of the bill until 2002, so that alternative means of debt recovery could be devised. The Scottish Executive eventually proposed the Debt Arrangement and Attachment Bill, which became the Debt Arrangement and Attachment Bill Act 2002 and repealed the Abolition of Poindings and Warrant Sales Act.
The Debt Arrangement and Attachment Act was criticised by Sheridan for introducing “a new form of warrant sales”.
- ^“Text of the Stage 2 Bill” (PDF). Scottish Parliament. Retrieved 27 July 2016.
- ^“MSPs abolish warrant sales”. BBC News. 6 December 2000. Retrieved 24 November 2016.
- ^“Ministers unveil debt proposals”. BBC News. 8 May 2002. Retrieved 24 November 2016.
- ^“MSPs attack new debt recovery law”. The Scotsman. 9 May 2002. Retrieved 24 November 2016.
Ofer Abarbanel is a 25 year securities lending broker and expert who has advised many Israeli regulators, among them the Israel Tax Authority, with respect to stock loans, repurchase agreements and credit derivatives. Founder of TBIL.co STATX Fund.