All the news reports these days seem to include another report on the Government’s plans to cut the budget deficit – this one is no exception!
The Government announced that it was to carry out a comprehensive review of all Government spending, with a view to cutting the level of expenditure by between 25 and 40%.
However, [...]
The domino effect
September 14th, 2010 by David Field
OFT finishes review into insolvency industry
July 1st, 2010 by David Field
The Office of Fair Trading (“OFT”) has finished its 8 month review into the insolvency industry.
It has concluded that the corporate insolvency industry needs far reaching reform to protect the interests of creditors.
It states that unsecured creditors are insufficiently represented and protected.
In corporate insolvency cases, Banks, who usually have a charge over the assets, have [...]
The recession may be over, but personal insolvencies continue to grow.
May 5th, 2010 by David Field
On Friday the Insolvency Service will issue the latest quarterly figures for individuals entering into a formal personal insolvency, which are expected to show further increases in the numbers of people entering either bankruptcy, an individual voluntary arrangement or a debt relief order.
Provisional figures released by accountancy firm RSM Tenon show that 451 people a [...]
Don’t be an ostrich
April 30th, 2010 by David Field
More people are going bankrupt, or entering into a voluntary arrangement or debt management plan, than ever before.
According to recent figures compiled by the Insolvency Service, there are approximately 220,000 people currently in an IVA, undischarged from bankruptcy or subject to a debt relief order.
However, these numbers are only the tip of the iceberg.
Recent research [...]
Bridgewood offers lifeline to recession-hit businesses
April 14th, 2010 by Matt Spittle
Britain may now have officially crept out of recession but the recent financial crisis has left many small businesses reeling as they struggle to make ends meet.
Bridgewood Financial Solutions are on hand to help small businesses and sole traders with a free financial health check and debt advice service.
With growing expectations [...]
Bankruptcy and marriage
March 31st, 2010 by David Field
They used to say that marriage is a three ring circus – first the engagement ring, then the wedding ring, then the suffering.
However, in some circumstances, if you are bankrupt, the Official Receiver could relieve you of at least one of those rings.
The basic principle in English law appears to be that when a chap [...]
DIY Bankruptcy grows in popularity
March 19th, 2010 by David Field
The days of Handy Andy and Changing Rooms may be long gone, but the number of people doing it themselves has never been higher.
In 2001, 66% of bankruptcy orders were made as a result of debtor’s petitions (i.e. where the individual applies to Court to make him or herself bankrupt). By 2009 the proportion of [...]
Government to make it easier to write off debts?
March 18th, 2010 by David Field
The Government has announced plans to make it easier for people in financial difficulty to apply for a Debt Relief Order (DRO).
DRO’s were introduced in 2009 as a low cost alternative to bankruptcy. They only apply to people with debts of less than £15,000, assets with a value less than £300 (excluding motor vehicles up [...]
Bankruptcy to become more expensive
March 17th, 2010 by David Field
From 6 April 2010 the cost of making yourself bankrupt will increase from £510 to £600. This is made up of a court fee of £150, and a deposit towards the Official Receiver’s costs of £450.
The Department for Business Innovation and Skills, which oversees bankruptcy legislation, justified the increase by saying:
“We have always made it [...]
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