Insolvency: A Second Chance

The White Paper comprises important proposals for reform in the areas of personal and corporate insolvency.

The proposals on personal insolvency reform recognise that honest failure is an inevitable part of a dynamic market economy. "Fresh Start" proposals for personal bankruptcy will mean another chance for many, backed by a tough regime  for those whose conduct of their financial affairs is irresponsible or reckless.

On the corporate side, the proposals will give businesses in difficulties more of a chance and will promote collective insolvency procedures, providing unsecured creditors with a greater say in the process and the outcome.

The government will also abolish the Crown's preferential right to recover unclaimed taxes ahead of other creditors in all insolvencies.

Productivity and Enterprise - Insolvency: A Second Chance HTML Version

Productivity and Enterprise - Insolvency: A Second Chance PDF Version

Rhagair

Crynodeb Gweithredol

Consultation: The consultation on the White Paper: "Productivity and Enterprise - Insolvency: A Second Chance" ended on 5 October 2001. A summary of the responses is available.

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