23-07-2007
Bankruptcy is becoming easier
In news which may be of interest to purchasers of business insurance, it now becoming easier to declare bankruptcy, it has been claimed.
According to Belgravia Insurance Consultants, following a change in bankruptcy legislation in April 2004, bankruptcy declarations have become easier to obtain.
Bankruptcy proceedings can be instigated on either a voluntary or involuntary basis.
"[Declaring yourself bankrupt] has certainly got a lot easier and there's less stigma attached," said Paul White, a consultant for Belgravia Insurance Consultants.
"So definitely we're moving towards a more US approach where people say 'well that's unlucky' and give you another try," he added.
The firm also noted that in addition to an increase in the prevalence of individual voluntary arrangements, they are increasingly arranged in the absence of face-to-face discussions.
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