Parliament approves guarantors bill

Parliament on Friday approved a bill extending protection for loan guarantors to six years from the current three in relation to provisions in the insolvency framework.

The change relates to guarantees in non-consensual repayment plans in a bankrupt individual’s debts, and the same provisions concerning companies.

The amendments were deemed necessary due to the fact that debtors and their guarantors continue to face difficulty in responding to their obligations from loans they have taken and they are insolvent or at risk of becoming insolvent.

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