Debt Relief Scheme for Northern Ireland
The Northern Irish Assembly have published details of a new debt relief scheme. See here for details. Enterprise Minister Arlene Foster said: “The Assembly’s agreement to introduce a Bill for the setting up a Debt Relief Scheme in Northern Ireland is an important first step towards legislating for an innovative scheme to help people whose lives are blighted by debt.
“The proposed scheme will offer the least well off in our society an affordable way of freeing themselves from burdensome debts which they have no prospect of being able to repay.
“The administration of the scheme will be relatively straightforward and cost-effective because there will be no need for a court hearing. It is estimated that up to 1,000 people could make use of the scheme each year.”
"This is the ultimate statement of where the law on IVAs is to be found in our great common law...