We have discussed insolvent parliamentarians on the blog in the past. It is therefore with some interest that the Devine Bankruptcy can be noted, although he is now an ex-MP. Mr Jim Devine (pictured), it seems, is now bankrupt. The Sun (admittedly not the most authoratative source) note that, "The ruling means the former Labour backbencher is banned from running a company or standing as an MP again." Whilst the first part of this sentence is correct the disqualification from standing for Parliament (for ever!) is not correct. For the currency of a BRO he would be disqualified. But the status of bankruptcy no longer precludes an MP from sitting unless they have an accompanying BRO.
Elsewhere in the news we are starting to see the first critical evaluation of the recent Insolvency Service consultation on IPs' fees and Begbies Traynor are expecting grim times ahead for small and medium sized firms.
Picture Credit: http://1.bp.blogspot.com/_WR2V_GVka_M/TNsIb9bf4sI/AAAAAAAABeE/N9fP5NCr7Yg/s1600/MP-Jim-Devine-.jpg
It is only where the bankruptcy is in England & Wales that disqualification from Parliament (and the devolved Parliament/Assemblies) is not automatic but, instead, depends on there being a subsequent BRO. (s426A IA86)