Bankruptcy – it’s so easy, easy
That’s the view of some practitioners apparently. Quite whether the individuals hitting the financial reset button would agree with that is not clear. (But we doubt it in most cases). Neil Hickling, director of restructuring at Smith & Williamson told Accountancy Age: “There is no incentive for people to pay their debts back. Bankruptcy is now ridiculously easy” after the government announced earlier this month that debtors will soon be able to bypass the court system and apply for bankruptcies …
That’s the view of some practitioners apparently. Quite whether the individuals hitting the financial reset button would agree with that is not clear. (But we doubt it in most cases).
Neil Hickling, director of restructuring at Smith & Williamson told Accountancy Age: “There is no incentive for people to pay their debts back. Bankruptcy is now ridiculously easy” after the government announced earlier this month that debtors will soon be able to bypass the court system and apply for bankruptcies through the post or online.
The move follows a trend of increasing leniency for people looking for an exit after living beyond their means – recent years have seen debtors discharged from a bankruptcy in just 12 months, or less in some cases. Many IPs have claimed that this was often reduced to just nine months.
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