Copyright 2006 The Debt Free Student
Insolvency Act 2000
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Before 2000, insolvency legislation subjected all bankrupts to substantially the same process and restrictions irrespective of the facts of their individual case or whether they were in any way culpable. Furthermore, the restrictions, prohibitions and disqualifications that automatically attached to all bankrupts on the making of the bankruptcy order acted as a real barrier to enterprise by discouraging business start-ups and restarts.
The Insolvency Aspects of the Enterprise Bill were introduced to:
(a) Provide for non-culpable bankrupts to be discharged from most of their debts and released from the restrictions that currently apply to bankrupts after a maximum of 12 months.
(b) Reduce the stigma attached to bankruptcy by reducing the number of restrictions that are automatically imposed on undischarged bankrupts.
The Insolvency Aspects of the Enterprise Bill were introduced to:
(a) Provide for non-culpable bankrupts to be discharged from most of their debts and released from the restrictions that currently apply to bankrupts after a maximum of 12 months.
(b) Reduce the stigma attached to bankruptcy by reducing the number of restrictions that are automatically imposed on undischarged bankrupts.
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