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Will new rules make bankruptcy too easy?

26 November, 2009

A recent announcement made by the government says that in the near future debtors will be able to apply for bankruptcy on-line or by post, thereby bypassing the court system.  This option has come about as research showed that in certain areas of the country people were waiting months to be declared bankrupt, whereas with the new system debtors could file within days, making the process incredibly easy.

Director of restructuring at Smith & Williamson, Mr. Neil Hickling, has been quoted as saying that there is no incentive for people to pay their debts back, and that bankruptcy is now ridiculously easy. He concluded by saying that bankruptcy would have to come back to something a bit more sensible in the future.

The professionals have also said that the new process was making things far too easy and debtors should suffer some penalties for financial difficulties. They should also have to prove that they have done everything possible to repay debts and that bankruptcy was their last resort.

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