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.
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.