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IVA

Changes to insolvency law: Need to know basis

The final article in this series covers off a number of ways processing of information will occur under the new rules and also acts as a coverall for a few of the miscellaneous provisions which are also of import.   Statement of affairs Along with all of the other statutory forms, there will be a significant change to the information provided in the statement of affairs. It has been identified that as the statement of affairs is an item of public record and is at risk of divulging personal data which some parties would prefer not to be published. Accordingly the new rules state that employee and customer details should be set out in a separate table and this will not be placed on the public record. Instead there will be […]

Better off living in Middlesbrough than Newcastle?

The North East has the country‚Äôs highest rate of bankruptcies and IVAs. The Insolvency Service has released regional insolvency figures showing that Bankruptcies, Individual Voluntary Arrangements and Debt Relief Orders have shot up nationwide within the last 8 years. Total rate of insolvencies leapt from 7.2 per 10,000 people in 2000 to 30.9 in 2009, a four-fold increase, before falling back to 24.5 in 2012. Worryingly for the North East, it has been the region with the highest rate of bankruptcies and IVAs every year, for the past 5 years. By the end of 2012, 0.33% of the region entered into bankruptcy, IVA or a debt relief order, which was 35 per cent higher than the average for the rest of the country. Below is a graph showing the growth in personal insolvency in the country as compared to the North East. Table 1. Rates of personal insolvency (per 10,000 people). The North East vs […]