Lenders will be allowed to stop repaying debts if they receive a court order
under plans outlined in a radical government consultation released yesterday.
The paper, issued by the Ministry of Justice, will allow individuals who fall
into financial difficulty, such as loss of employment, to stop paying off loans,
credit cards and other debts if successfully applying for an ‘enforcement
The Times reports that the proposals mark the biggest overhaul of
personal insolvency laws for years at a time when banks are preparing themselves
for heavy losses from bad debts.
Civil justice minister Bridget Prentice said the government wanted to allow
people who had run up debts ‘every opportunity’ to pay them off.
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children