Bankrupts to be discharged after a year- papers 30 July

Plans to allow 'honest' bankrupts to be discharged after a maximum of one year are underway, says the FT. This controversial policy is part of a radical shake up of competition and solvency law. It will allow bankrupts to keep £20000 worth of property assets if they can show they have invested a sufficient amount in a business they have abandoned. Patricia Hewitt, the trade and industry secretary, is expected to publish white papers tomorrow on competition policy and insolvency practices as part of the preparation for an Enterprise Bill later this year. The paper includes proposals to...