Commentary on Sections Review of the Act Section 117 – Review of Act
481.This section requires a review of the operation of the Act to be undertaken by the Scottish Ministers, and a report to be prepared on that review. The review must be undertaken after five years have elapsed from the day that sections 1 and 42 come into force (or, if they come into force on different dates, from the earlier of those dates). The report must, in particular, set out (i) the impact of allowing the debtor to waive the right to assert defences under section 14, (ii) how well the provisions relating to statutory pledges are working in relation to sole traders and small businesses, and (iii) any steps that the Scottish Ministers propose to take as a result of the findings of the review. The report must be published and laid before the Scottish Parliament as soon as reasonably practicable after the end of the five year review period.