The Insolvency Service in the England and Wales, “administer and investigate the affairs of bankrupts” and works within a statutory framework – “mainly the Insolvency Acts 1986 and 2000.”
Following their publication of the 2010 third quarter insolvency figures, which show a slight drop in insolvencies, this article provides a brief overview of two alternatives to bankruptcy. They are Debt Relief Orders (DROs) and Individual Voluntary Arrangements (IVAs).
Personal insolvencies in England and Wales include:
- Bankruptcy
- Debt Relief Orders
- Individual Voluntary Arrangements
Debt Relief Order – an Alternative to Bankruptcy
A Debt Relief Order, which can be applied for online with the assistance of an “approved intermediary,” lasts for 12 months.
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