Problems of personal debt ‘on the increase’

Monday 22nd August 2011, 3:00PM BST.

Michael Wilkins (right) is pictured at the agm with Assistant Chief Minister Paul Routier (centre) and James Callor, one of the key delegates

THE growing problems of personal debt and insolvency have been highlighted by the Viscount, Michael Wilkins, who says that his department is examining possible new options to deal with the issues.

Mr Wilkins, speaking after the annual general meeting of the International Association of Insolvency Regulators, held in Jersey recently, said that personal bankruptcy was the ‘contemporary theme’.

It was one of the issues which focused the attention of the 50 delegates when they met at the event, held at the Grand Hotel.

The delegates, who represented communities as diverse as Australia, China, the UK, Colombia and the USA, also examined the problems of managing insolvency in the era of offshore financial services and cross-border corporate activity, areas in which the Island has special expertise.

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1
Overpopulated

August 22, 2011 at 4:29 pm

Unfortunately there is a huge amount of ‘keeping up with the Jones’s’ Jersey as stated in the article. Huge expensive cars, expensive weddings and holidays are seen as a ‘right’ by many, and putting into credit cards and extending mortgages is how it has been funded.

The article is correct in that people who have got themselves in a mess do need the option of bankrupcty as in the UK, provided that they are then not able to run up debts again afterwards.

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2
James Wiley

August 23, 2011 at 12:04 am

No people just need the government to stop robbing them with continuous tax increases.

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