Our website is set to allow the use of cookies. For more information and to change settings click here. If you are happy with cookies please click "Continue" or simply continue browsing. Continue.

Insolvency Law

Expert guidance on all aspects of corporate and personal insolvency

27 MAR 2009

Law Society guidance on DROs

A recent blog entry on DROs highlighted some qualities of the new procedure, due to come into force on the 6th April 2008. The Law Society has now also issued guidance for solicitors on the new procedure. They DRO is summarised as:

"Debt Relief Orders are an alternative to bankruptcy for clients who have:

  • less than £15,000 in unsecured debt
  • less than £300 in assets and
  • less than £50 per month disposable income after they have met all their essential expenditure.

Creditors who are included in the DRO will be prevented from taking any action to recover their debts from the client. Generally the debts of the client will be discharged at the end of one year."

Individual Voluntary Arrangements

Individual Voluntary Arrangements

"This is the ultimate statement of where the law on IVAs is to be found in our great common law...

Available in Insolvency Law Online
Bankruptcy and Personal Insolvency Reports

Bankruptcy and Personal Insolvency Reports

"BPIR is an excellent series, of interest to both corporate and personal insolvency lawyers,...

More Info from £166.00
Available in Insolvency Law Online
Subscribe to our newsletters