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Home / News and Insights / Insights / The Debt Respite Scheme

The Debt Respite Scheme will come into force, if approved, on 4 May 2021 and introduces moratoria or ‘breathing spaces’ for people struggling to keep up with their debts.

The scheme applies to debtors who ordinarily reside or are domiciled in England and Wales only, and largely to personal debts (owed to the debtor personally). Some business debts are eligible but not if the debts relate solely to the business and the debtor is VAT registered or if the debtor is in partnership with someone else.

Jacqueline Forrester, Legal Advisor in our restructuring and insolvency team, explains the regulations in detail.

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