A bit rich: personal insolvency only for well-to-do

The penny has finally dropped; thanks to PIP (personal insolvency practitioner) Jim Stafford, we now know the reason for the State’s new insolvency service — to support those on the upper scale of the social-class divide.

Jim said on radio that insolvent professionals should keep their trophy homes, so they can maintain their professional aura. Jim said “neighbours and clients can see that, yes, this person is a good solicitor who is living in a good house.” You couldn’t make it up. Meanwhile, the plebeians, struggling to put food on the table, will not benefit from personal insolvency; they won’t be able to afford the exorbitant professional fees.

John Bellew