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The learned judge provides some extra-judicial comment on various personal insolvency procedures including DROs, IVAs, and of course bankruptcy. Judge Mithani also discusses, inter alia, the policy drivers which informed recent legislative attempts to resolve over-indebtedness, the minutiae of the DRO regime, the effectiveness and problems attendant with IVAs, and the problem of serial insolvents.
Judge Mithani poses a number of interesting questions, not least the question of how bankruptcy is currently being used as compared with other procedures and how we might view the recent upsurge in figures. His comments as the author of the leading text on Directors' Disqualification are particularly interesting in relation to BROs particularly as some commentators have presumed that the existence of this new mechanism may have provided a counter balance to the reduction in discharge introduced by the Enterprise Act 2002.
The pressing need for an empirical examination of the BRO and BRU regime's effect is certainly highlighted by the learned judge's comments.
"This is the ultimate statement of where the law on IVAs is to be found in our great common law...