It has been an eventful few days in the world of insolvency law reform. The Insolvency Service's (IS) Policy section have released another document for our consumption. They have had a busy time, what with the recent conference, CVA consultation summary, OFT activity and such like. The latest consultation document is entitled: "Bankruptcy Petition Reform and Early Discharge from Bankruptcy." The accompanying press notice notes:
We are pleased to inform you that we have today published a consultation document about Debtor Bankruptcy Petition Reform and Early Discharge from Bankruptcy. The consultation can be found at:
or by visiting our website: http://www.insolvency.gsi.gov.uk/
The proposals in this document build upon earlier consultation on the principle of removing the court as the route for debtors into bankruptcy and replacing it with an administrative process. We also propose removing the facility for the Official Receiver to grant early discharge in less than one year.
The proposals for reforming debtors’ access to bankruptcy should help people by reducing the time that those with unmanageable levels of debt may have to wait before they are granted bankruptcy, and should also reduce burdens on Courts.
We very much look forward to hearing your views. The consultation closes on 8 February 2010."
Picture Credit: http://www.insolvency.gsi.gov.uk/