Almost 50,000 people will be discharged from bankruptcy today, Big Four firm KPMG has estimated.
As part of transitional arrangements introduced under the Enterprise Act – which introduced the so-called ‘quickie banruptcy’ – thousands of people who would normally have been discharged after three years will now be discharged one year after the act came in.
About 42,000 will be discharged, KPMG has estimated.
The firm also says that dishonest and fraudulent bankrupts may have got off scot free as a result of the act.
Human rights legislation, combined with the Enterprise Act, have meant that dishonest dealings that took place before April 2004 and contributing towards the bankruptcy cannot be taken into account, KPMG says.
The average cost of fraud increased 35.4% to £3.9m in 2016, compared to 2015 data
Harrison Beale & Owen will (HB&O) have a new chairman and managing director at the helm for 2017
Satvir Bungar promoted to managing director in the mergers and acquisitions team
Carolyn Brown appointed as the first head of client legal services practice RSM Legal