42,000 happy (shiny) people

If you’re one of the 42,000 people discharged from bankruptcy today, congratulations. And, yes, it’s not an April fool.

This has come about because of the introduction of the new bankruptcy legislation 12 months ago. Prior to December 31^st 2003, you had to wait 2 to 3 years to be discharged, but in the 3 month run up to the rule changes, all new bankrupts would be discharged by the first anniversary of their bankruptcy.

We don’t share KPMG’s misgivings about the small number of Bankruptcy Restriction Orders made in the last year. ‘Human Rights loophole’? – Boo-Hoo. Maybe Michael Howard writes their press releases. Once again, the creditors propaganda machine pumps out the myth that debt is the fault of the debtor, and this is further underlined by their reference to debtors approaching their bank manager for advice. How removed are these people from reality? People don’t get advice from Bank managers about their debts, unless that advice is to consolidate their debts still further. The bourgeois idea of the cautious, conservative and helpful bank manager is a myth. They are sales executives driven by targets to sell, sell, sell. How about making them ‘culpable’ in such cases? If only the banks could be ‘co-respondents’ in bankruptcy!