Three years after the old Bankruptcy Act was repealed, the number of cases filed under the now-tightened Insolvency Act have drastically fallen meaning that people were filing for bankruptcy to evade paying their debts.
The now repealed law had been in use for about 85 years, with little amendment over the years, and had become an easy way out of debt for many individuals who knew exactly how to manipulate the system and get away with it.
Previously, the average number of cases filed per year was 300. However, after the Insolvency Act of 2015 was passed, the number has fallen to 15 bankruptcy cases a year, which means it is no longer easy to escape debt.
We used to get about 300 (bankruptcy) files per yea…