PracticeAccounting Firms50,000 bankrupts discharged today

50,000 bankrupts discharged today

First anniversary of Enterprise Act sees thousands of bankrupts discharged today.

Almost 50,000 people will be discharged from bankruptcy today, Big Four firm KPMG has estimated.

Link: Insolvency Service to chase bankrupts’ pensions

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.

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