Proposed Personal Insolvency Bill
02.02.2012
On 25 January 2012 the Government approved and published the heads of the proposed Personal Insolvency Bill (the “Draft Bill”). The Draft Bill proposes the introduction of three non-judicial debt settlement arrangements and a reform of the existing bankruptcy regime. The new arrangements will allow for the write down or restructuring of both secured and unsecured debt owed by certain eligible individuals. This briefing introduces the arrangements, with a focus on the proposals relating to secured debt.
