There has been much talk in recent months regarding the new quickie bankruptcy procedure that may be introduced.
It appears to me, as a licensed insolvency practitioner, that there are both pros and cons to any new system. But from a practical point of view, I would have thought that rather than change the entire system and laws, it would be much easier to keep the present system and merely add a new procedure by which any bankrupt can apply to court for an early discharge.
The application would be accompanied by a short report by an official receiver/trustee, giving their opinion on the reasons for the bankruptcy.
Any application for an early discharge would also be accompanied by an offer from the bankrupt to make a reasonable contribution, in a fixed sum, from his subsequent income towards the costs of original bankruptcy.
As a practitioner who deals with a large a number of bankruptcies, it is my personal view that out of the 20,000 plus bankruptcies per year, this early discharge would be applied for by no more than 1,000 at most.
Gerald Krasner FCA,
Andrew Tyrie airs views on the Finance Bill, 'Making Tax Policy Better' report, and Brexit
In our latest managing partner Q&A looking towards 2017, CVR Global's Richard Toone talks about recruitment, and the potential threat of competition from the legal sector, as key issues for the firm in the coming year
Deloitte to avoid tendering for government contracts over the next six months, to appease Theresa May following consultant's report that painted a less-than-flattering picture of Brexit plans
In our first Q&A looking towards 2017, Menzies senior partner Julie Adams flags up increasing digitisation, aligned with more hands-on consultative services, as the key mix for her practice