Who is set to gain from bankruptcy shake-up?

A TSUNAMI is about to hit the courts.

The number of applications for bankruptcy looks set to surpass the expectations of officialdom by a country mile, putting huge pressure on the Court Service, with the real prospect of lengthy delays while the backlog of petitions for bankruptcy are dealt with.

The number of applications could reach as high as 15,000, according to one expert, Ross Maguire, SC, the founder of the borrower advocacy and advisory group, New Beginning.