BR adverts to cease!

[jpj]

It says in The Daily telegraph today that ministers are going to announce in the budget that "it will no longer be neccessary to advertise in local papers that you have gone bankcrupt"
Evidently it is to encourage people to start businesses and not be so afraid of failure !![:)]

[emma_t]

Wow that is good news as that seems to be what a lot of people worry most about[:)]

[jpj]

Maybe ministers have questioned people and ACTUALLY taken notice of the survey results!! )

[Reviva UK]

That is brilliant news as this is one of the biggest concerns about the decision to go Br.

[vad921]

That is brilliant news as this is one of the biggest concerns about the decision to go Br.

Does anyone have a link to an article?

[admin]

http://www.telegraph.co.uk/news/main.jh ... nks308.xml
[:)] admin

[jpj]

Thanks admin....I couldnt find it on The Telegraph website...and I was dreading having to type it all out!![:D]

[Adam Davies]

Hi
That will make a big difference to the route that people take.For myself it was the sole reason for taking an IVA over Bankruptcy,as I had no assets at the time.I just couldn't face the advert in the local paper
Regards

[Soulgrowth]

Wow! That's a progression! Is it because there are so many people going bankrupt that it uses too much ink!!

The government therefore seem to be supporting people to address their debts ... with a view to improving the economy perhaps?

Debbie

[vad921]

http://www.telegraph.co.uk/news/main.jh ... nks308.xml
[:)] admin

Thanks Admin. I couldn't find it either. May well have an influence on the decision we make.

[chris.g]

This has got to be a good thing, and as Debbie says it must be costing a fortune in ink!!!!! I must admit we didn't see our name in the public notices but mum-in-law said we were in...I did feel as if everyone who knew us would be thinking less of us and expected lots of enquiring texts and call.....they didn't come!!! I don't think there is as much stigma with bankruptcy but it's still there...even if it's in our own minds. To know that your financial business isn't going to be spread in the local news is reassuring and might make the hard decision to declare bankruptcy a little easier....

[johnnybriggs]

I think we should keep in mind the purpose of the advertisement which has never primarily been to punish the debtor. Its purpose is so that no creditor can claim "We were never told". If the bankruptcy is not in the London Gazette either where will it be advertised? On the Insolvency Service website I suppose.

I think this is a very strange move by the government - unless they are going to make a distinction between entrepreneurs and consumer debtors; business failure and irresponsible lending or borrowing.

[maxdebt]

Excellent news! The woman 2 doors down from me makes a point of reading the local rags BR column and it was her who smugly informed me that my brother in law was bankrupt!

[go_4_broke]

I think this arcane requirement is a hang-over from the days when Bankruptcy related mostly to trade, and because Bankruptcy annuls all debts notified or not, so it gave people owed money a chance to stick their hand up.

It's a lot less relevant these days with most people going bust on loans and credit cards and I doubt Barclaycard read the Reading Chronicle.

For the reasons Andy alludes to above this could mean a strong move away from IVA's, which might have the effect of making them a bit less onerous. I'm sure creditors capitalise on peoples fear of Bankruptcy to make IVAs as difficult as possible.

Best Regards

[chris.g]

Creditors don't really have an excuse as it's published online on the insolvency site. I don't think many of my creditors read the sunderland echo-our local paper! I do take your point though Johnnybriggs