New bankruptcy law put up for public consultation
Sunday 27th January 2013, 1:00PM GMT.
ISLANDERS who are mired in debt would have a way out of spiralling poverty if a proposed new bankruptcy law gets the go-ahead, according to the Citizens Advice Bureau.
A public consultation has just been launched on the proposal, which would give the Viscount discretionary power to freeze a person’s debt up to the value of £25,000 and after a year write off the debt completely.
Malcolm Ferey, the manager of the CAB, said that the organisation had been campaigning for the change for a long time.