At first glance, the introduction of the ‘Breathing Space’ process, which provides protection to individual debtors from enforcement action by their creditors, may appear to have limited impact. However, the lack of financial limit on the size of debts covered and the wide range of the type of debts covered suggests the process could have wider significance.
Russell-Cooke partner Lee Ranford assesses in Solicitors Journal the challenges of the Breathing Space process for creditors.
Debt Respite Scheme Breathing Space: fair to all? is available to read on the Solicitors Journal website. Also a pdf version of the article can be found here.
Lee is a partner and head of the insolvency team. He is dual qualified as a solicitor and a licensed insolvency practitioner, authorised by the Insolvency Practitioners Association (IPA). He specialises in insolvency and restructuring, as well as commercial litigation.
His insolvency work covers all aspects of personal and corporate insolvency, in advising insolvency practitioners, companies, directors, creditors and debtors on restructuring and recovery options.