Consultation on the Modernisation of Insolvency Law

Closed 5 Dec 2022

Opened 10 Oct 2022

Contact

Tom Bateman

(Senior Policy Adviser)

Policy and Legislation

+44 1624 685037

Treasuryconsultations@gov.im

Results updated 15 Feb 2023

Files:

Overview

One of the strategic objectives of the Government in Our Island Plan is the aim of building a 'strong and diverse economy'. It is a fact that not all businesses succeed, and not all businesses carry on forever. Some businesses, whether large or very small, will become insolvent and it is important for the Island’s economic and social well-being, as well as its international standing, that we review our insolvency law to see if it needs improving to reflect the requirements of today’s community.

This consultation forms part of a 3-phase project to overhaul the Island’s legislation in relation to debt and includes both business and individual debts.

Why your views matter

The Treasury would like to hear from anyone, whether individuals, businesses, investors, or those who seek to advise or assist persons or businesses that are at risk or have got into debt.

This consultation outlines some issues and proposals, and we would like to hear from you in order to assist us in determining whether and how to reform existing insolvency and bankruptcy law or proposing new law so that law can more fully serve our community now and in the years to come.

What happens next

Following the closure of the consultation the Treasury will publish a summary of the responses received. The responses received will assist the Treasury, in partnership with the Department for Enterprise and others, in developing the policy, and proposals to implement that policy, in respect of insolvency and bankruptcy law reform and related matters.   

Any Bill prepared as a result of this consultation will be subject to a further period of consultation, to enable further comment to be made on the substantive proposals set out in that draft Bill.

Areas

  • All Areas

Audiences

  • Self-employed
  • Business owner
  • All residents

Interests

  • Legislation
  • Business
  • Economy