Personal Insolvency Reform - Call for Evidence

The government has launched a call for evidence seeking stakeholders’ views and evidence on the personal insolvency framework and whether it serves the needs of debtors and creditors in the 21st century.

The last fundamental review of personal insolvency was carried out 40 years ago. The government is seeking views and evidence on the overall purpose of the framework, how it currently supports those in financial difficulty and how it is funded.

Business Minister Lord Callanan said:

"Any vibrant economy relies on people spending money, and for many, using credit is an important part of that. However, in situations where people are unable to repay borrowed money, it’s vital that we have a system that is fair to both them and their creditors.

Our current personal insolvency framework has been in place for many years and so it is only right that we examine whether it works as effectively as it should in today’s world."

The government would welcome responses from people who have experienced debt, creditors and their representatives, trade bodies, debt advisers and charities, insolvency practitioners, recognised professional bodies, academics, and any other interested parties.

Responses will help to inform our understanding and identify whether reforms are needed.

This in person evidence gathering session at the University of Liverpool School of Law and Social Justuce is part of the consultation response process and all stakeholders are welcome to come along and contribute to the debate and evidence gathering session. There will be a short introduction including time scales for the project, and then a general discussion with stakeholders.

The Call for Evidence document can be viewed here: https://www.gov.uk/government/consultations/call-for-evidence-review-of-the-personal-insolvency-framework

Sign up to the event here.

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