A Consultation is taking place on the reform and modernisation of insolvency and bankruptcy law.
The Treasury is in the process of undertaking a three-phase project to review and reform the laws relating to the whole area of debt and debt recovery.
Phase 1 resulted in the Administration of Justice and Other Amendments Act 2021, which makes provision to empower the publication of a publicly accessible register of debtors. Phases 2 and 3, meanwhile, relate to the reform of insolvency and bankruptcy law and the law and functions relating to Coroners.
To help shape a new Bill, the Treasury welcomes contributions from across the community, whether individuals, businesses, investors or those who seek to assist those who have either fallen into debt or are in danger of doing so.
Feedback will help shape the Bill so it works for all in society, and succeeds in making sure the interests of all parties are taken into account.
The consultation document is available to view on the consultation hub, paper or email copies can be requested from treasuryconsultations@gov.im.
Written comments can also be emailed to treasuryconsultations@gov.im or sent by post to Policy and Legislation Section, Financial Governance Division, Treasury, Central Government Office, Bucks Road, Douglas, Isle of Man, IM1 3PX.
The consultation will run for 8 weeks and conclude on 5 December 2022.
The process is aligned with the aims of the Island Plan in terms of a ‘strong and diverse economy which is sustainable, ambitious and built on firm foundations to provide economic success.’
