Editorial: Insolvency law needs constant evaluation
THE inexcusable delay, pre- and post-crisis, of putting into place a modern debt-resolution regime, guaranteed a certain level of 'build-up' in the system. The record number of bankruptcies, in one High Court sitting, therefore, does not come as a major surprise.
What is significant, even in the early days of the operation of the new Personal Insolvency Act, is the low take-up of debt settlement arrangements notwithstanding the level of personal and business indebtedness.
It is also significant that it is debtors who are electing to bankrupt themselves rather than their creditors.