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We may have been quaffing our mince pies, munching on the quality street or generally being festive - but the world of insolvency does not stop! Insolvency stories have still continued to flow despite the festive period. The Express has reported that record number of Scots will face insolvency over the coming year. 400 hundred people who reside north of the border will go into an insolvency procedure per week according to the tabloid and their source, PKF. The BBC have carried the same story. Things are looking a bit glum in Cornwall as well according to the excellently named Falmout Packet. Cornwall, they note, is the insolvency hotspot of England. The BBC have also picked up on the story. almost beating the Packet to best newspaper name is the Windy City Times (my dog is not the editor). They have recently put out an interesting story on bankruptcy stateside.
Things are not looking any better for one Silk (QC) down under. We are told by the Australian Daily Telegraph that a Mr John McClemont Ireland QC is attempting to get a bankruptcy notice set aside.
DROs meanwhile are 'trending' according to some reports. Prominent amongst them is the Daily Mail, who have noted that many young people are taking advantage of this bankruptcy-lite (TM) solution. The Mirror have also covered the story but with a rather grim prediction for next year. Don not fear however, as Mark Sands observes in the Daily Telegraph (UK version!) low interest rates may save our bacon. Even this, alas, will not save some football clubs.
"This is the ultimate statement of where the law on IVAs is to be found in our great common law...