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Latest news
Scottish bankruptcies still falling
The number of people declared insolvent in Scotland has fallen again, to the second-lowest level we've seen in four years.
In the final three months (the fourth quarter) of 2011, just 2,615 Scottish residents were declared bankrupt - fewer than in any of the other three quarters of last year. In fact, this was the second-lowest quarterly total since early 2008.
IVAs for Ireland?
It might not be called an IVA / Individual Voluntary Arrangement, but the new form of debt settlement arrangement being introduced in Ireland certainly looks similar.
The Irish Times supplies a useful summary of how these Irish 'IVAs' should work. Let's take a look at the similarities with the IVAs that are available in Northern Ireland as well as England and Wales.
New approach to bankruptcy in Ireland
In England, Wales and Northern Ireland, people with serious debt problems might be able to enter an IVA (Individual Voluntary Arrangement) , a DRO (Debt Relief Order) or bankruptcy to deal with their debts. In the Republic of Ireland, there aren't so many options - but the rules about insolvency are changing.
Even though there's still no option to enter an IVA or DRO in the Republic of Ireland, the rules on bankruptcy are being changed, after many years of being called 'draconian'. Under the current legislation, bankruptcy lasts at least 12 years - far longer than in the UK, where bankrupts tend to be discharged after a single year.
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Debt a major worry in 2011
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