- Fri Jan 13, 2006 11:14 am
I'm not very knowledgeable about the Scottish insolvency system but from the little I know it does seem fairer and less punitive than ours.
There are quite a number of changes on the way in the English (I suppose I should have said English & Welsh) insolvency law.
Expected soon are:
1. a non-court based debt relief scheme for cases known as “no income no assets” (NINA).
2. Two different types of simple IVAs
a) SIVA1 for people owing less than £25,000 where creditors don’t have any voting rights and
b) SIVA2 for people owing more than £25,000 but less than £75,000 where creditors will be able to vote but not modify.
Insolvency Acts are like buses nothing for 16 years and then a whole fleet of them.
Personally I think the government is legislating in the wrong place and that credit controls would make more sense. A simple maxim limit on interest rates at say twice the bank rate would drive irresponsible lenders out of business.
Is that all there is