R3 responds to Personal Insolvency framework review announcement

07 August 2023

Nicky Fisher, President of R3, the UK’s insolvency and restructuring trade body, responds to the publication of “The review of the personal insolvency framework: summary of responses and next steps”:

“We welcome the Government’s decision to launch a consultation into the personal insolvency framework, and their recognition that there are shortcomings in the current regime and areas where it could evolve in order to better meet the needs of those who use and work with it.

“The framework needs to be reformed so that it and its offering reflect the way society operates today and the changes in attitude and approach to personal insolvency – and how much these and the demand on the framework have evolved in the decades since it was developed.

“Having submitted a detailed response to the previous call-for-evidence and been active in this area of policy for many years, we look forward to working with the Insolvency Service to develop the proposals for the future of the framework, and ensuring that our members’ views and experience are at the front and centre of any debates going forward.

“At a time when personal insolvency levels are rising and debt charities are reporting an increasing number of demands for their services and numbers of people in negative budgets, we need clear thinking and progress on this issue sooner rather than later.

“It is clear from the many submissions to the Call for Evidence that this is a complex area, and we recognise it will take time to deliver a personal insolvency framework which works for everyone.”