Saturday April 4, 2020

New personal insolvency rules will help some but not all

In many cases it will be difficult to get loans written off on family homes

29th November, 2015
The new legislation has been effective since November 20

The government’s recent announcement that the bankruptcy term will be reduced from three years to one year will certainly encourage more people to attempt debt settlement arrangements (DSAs) and personal insolvency arrangements (PIAs).

The government felt that some creditors were voting against PIAs and that such voting was jeopardising debtors’ abilities to retain their family home. Accordingly, they sought a way to restrain the creditors’ veto in respect of PIAs.

The...

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