Stage 3 will involve a longer-term strategic review of the statutory debt solutions to assess if they meet the needs of a modern economy. The topics to be considered have not yet been determined but are likely to include:
- critical assessment of existing debt solutions to establish if they are fit for purpose and meet the needs of a modern economy
- treatment of the family home in debt solutions
- need for assessment of trading entities within the personal insolvency system – whether they need to be treated differently
- funding of the insolvency/debt system
- regulation of the insolvency system
In September 2023, Tom Arthur, Minister for Community Wealth and Public Finance announced the appointment of Yvonne MacDermid OBE to lead stage 3 of the review. Further information can be found in the below news release: