The draft legislation for the breathing space scheme has been published - this post sets out how it may look in practice, and R3's support for the measure to help people in debt find an appropriate solution... 

A closer look at the results of R3’s member survey on COVID-19, which found that the majority of respondents expect a spike in personal insolvency numbers towards the end of this year, and the start of 2021...

The second full month of the lockdown saw the Corporate Insolvency and Governance Bill introduced to Parliament, the first monthly publication of the corporate and personal insolvency statistics, and continued media interest in the profession, its processes and how it has responded to the pandemic.

On May 15^th, for the first time, the Insolvency Service (IS) released monthly figures for corporate and personal insolvencies (NB: corporate: England & Wales, Scotland; personal: England & Wales). The IS said that it was publishing on a monthly (rather than quarterly, as previously) basis “to provide more up to date information on the numbers of companies and individuals who are unable to pay debts and enter a formal insolvency procedure as the coronavirus (COVID 19) pandemic continues”.

A selection of advice and information for people in financial distress, given by R3’s Personal Insolvency Committee...

A list of sources of advice and support for businesses and individuals affected by the coronavirus/Covid-19...

Following on from part one of our look ahead at the coming year, here are more issues which we anticipate will appear on the agenda for the insolvency and restructuring profession in 2020...

Ahead of the upcoming General Election, R3 has set out what we believe should be the priorities vis-à-vis the UK’s personal and corporate insolvency and restructuring landscape for the party which wins on 12 December.