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Archive for the Personal Insolvency News Category

Bankrupt ordered to attend court via Facebook

Following a remarkably “modern” decision made by an English court, a trustee in bankruptcy was able to advise a bankrupt that he had to attend a court hearing by posting  a notification on the bankrupt’s Facebook wall. The District Judge at Tunbridge Wells county court ordered that

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Debt Relief Orders to cover debts up to £20,000

The Government is to increase the maximum amount of debt covered by Debt Relief Orders (DROs) in October 2015 to £20,000. Often called “bankruptcy light”, Debt Relief Orders offer a cheap alternative to bankruptcy for people with lower levels of debt. The upward increase in the maximum

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Bankruptcy threshold increases to £5,000.

The Government has announced an increase in the minimum amount for which an individual can be made bankrupt on a creditors petition from £750 to £5,000. The previous threshold of £750 had been in place for a very long time and Government Minister, Jo Swinson, commented that  this most

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Discharge from bankruptcy for Sean Quinn

  Irish bankrupt and former billionaire Sean Quinn has now been discharged from his bankruptcy. Quinn’s discharge sees him free from his debts which amount to around 2 billion euros. Quinn has been ordered to pay €10,000 a year to his court-appointed bankruptcy supervisor for the next 2 years from

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London sees the lowest personal insolvency levels

A statistical report issued by the Insolvency Service shows that nearly 8 in every 10 parliamentary constituencies across England and Wales benefited from lower numbers of personal insolvencies from 2011 to 2012. Overall, there were 24.5 personal insolvencies per 10,000 of the population in 2012 representing a fall

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RBS defends itself against accusations of killing off businesses

Ross McEwan, Chief Executive of the Royal Bank of Scotland (RBS) has spoken out against allegations that the bank has routinely been distressing viable businesses for its own profit. The New Zealander, McEwan, was brought in to head up the bank on 1 October, replacing the out-going Stephen

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Early discharge from bankruptcy comes to an end

An early discharge from bankruptcy is no longer possible thanks to an amendment made to insolvency legislation. Section 279(2) of the Insolvency Act 1986 used to allow for a bankrupt to be discharged “early” and the legislative change means that the earliest a bankrupt can be discharged is

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A third of all law firms suffering financially

One in three law firms are ailing financially through squeezed profit margins. The PWC Annual Law Firms’ Survey report 2013 reveals that firms outside of the top ten are at risk financially and all categories of firms below the top ten are suffering declining profit margins. PWC

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