Personal Insolvency Bill 2012

23 July 2012

The Government has recently published the Personal Insolvency Bill as part of its plans for major reform of the laws on personal insolvency. The Bill provides for the following key changes:

New procedures

The introduction of three new non-judicial procedures for dealing with personal insolvency to provide alternatives to bankruptcy;

1. Personal Insolvency Arrangements (“PIA”)

2. Debt Settlement Arrangements (“DSA”)

3. Debit Relief Notices ("DRN")

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