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01/03/2017

R3 says new Standard Financial Statement is a ‘positive development’

Responding to the launch today (1st March) of the new Standard Financial Statement (SFS), Mark Sands, chair of R3’s personal insolvency committee, said:

"The SFS is a positive development for indebted people, creditors and advisors alike. It will give greater clarity to people who are in debt, and will help financial advisors and insolvency practitioners get a better picture of where individual people’s situations vary from what creditors may expect, making it easier to identify the best path out of debt.

“The SFS will smooth people’s entry into debt solutions. A key issue when dealing with debt is removing unnecessary barriers to help, such as complex forms. Another significant barrier that still requires reform are the upfront fees for entering bankruptcy. It would be easier for people to get the help they need if these fees, currently £680, could be paid over the course of a bankruptcy, rather than being a pre-bankruptcy requirement.”

Notes to editors:

  • R3 is the trade body for Insolvency Professionals and represents the UK’s Insolvency Practitioners.

  • R3 comments on a wide variety of personal and corporate insolvency issues. Contact the press office, or see www.r3.org.uk for further information.

  • R3 promotes best practice for professionals working with financially troubled individuals and businesses; all R3 members are regulated by recognised professional bodies
     
  • R3 stands for 'Rescue, Recovery, and Renewal' and is also known as the Association of Business Recovery Professionals.