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LATEST NEWS & EVENTS Bankrupts to find it easier to open bank accounts  Anyone who has required an insolvency lawyer to handle their bankruptcy will find it easier to open a bank account under new government plans. Proposals have been published that would provide bankrupts with greater access to finance to help them get back on their feet after personal insolvency. The government says it wants to hear views on the effect bankruptcy has on the ability of individuals to access a bank account and possible measures to improve access. Basic tasks such as receiving wages and paying bills can be troublesome without access to a bank account. There is no law prohibiting bankrupts from having a bank account, but most institutions will not offer even a basic account to undischarged bankrupts, according to The Insolvency Service. Business minister Edward Davey said: "Access to a bank account is an essential stepping stone to help people manage their finances and to get them back on track after facing up to their financial difficulties." It follows concerns raised by debt charities that increasing unemployment figures could translate into more bankruptcies. The consultation on the proposals closes on February 9th 2012. Posted by Alex McLean 
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 |
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