 |
| LATEST LATEST LEGAL NEWS ARCHIVE |
LATEST NEWS & EVENTS Insolvency reforms hailed by advice groups  Changes to personal insolvency laws which will help more vulnerable people trapped in debt are being hailed by charities. An amendment to the Insolvency Rules 1986, effective April 6th, will allow debtors with an approved pension plan to access the Debt Relief Order (DRO) regime. The "common sense" changes bring the rules on DROs into line with those for bankruptcy, explained business minister Edward Davey. DROs are an alternative to bankruptcy for people struggling with debts of under £15,000, but who have few assets and little income. Citizens Advice chief executive Gillian Guy said the reform would create "light at the end of the tunnel" for many facing personal insolvency. Una Farrell from the Consumer Credit Counselling Service (CCCS) welcomed the changes, saying DROs have been helpful for many people in debt. She added: "The change will allow thousands more to access the debt relief they need and the chance of financial rehabilitation." The CCCS warned this week that rising inflation and unemployment could see many more people struggle with debt in the coming months. Rick Munro, head of insolvency & recovery at Lamport Bassitt, reminded those struggling with debt of the importance of seeking professional advice at the earliest opportunity. Posted by Paul Stevens 
Related Articles: 8/5/2012 - More companies fail as personal insolvencies fall 23/4/2012 - Landlords and insurers unite behind insolvency law reform 19/4/2012 - Enterprise Act 'does not need radical overhaul' 13/4/2012 - Retail insolvency rate up 15% as rent payments bite 28/3/2012 - Business insolvencies on the rise More Insolvency & Restructuring News |
|||
| © 2012 Lamport Bassitt | DEFAULT ZOOM | DISABILITY INFORMATION | LEGAL INFORMATION |