Jan 17 2008
Welcome to the Enforcement Restriction Order Information Site
Enforcement Restriction orders in the United Kingdom represent a new approach by the UK Government and the Ministry of Justice to provide financial relief to those suffering from problem debt.
The ERO Provides for a Repayment Holiday
Under the Enforcement Restriction Order you would be able to take a repayment holiday from paying your debts while you regroup and develop a sustainable plan to resolve your debts. This is not a free pass or a discharge of your debts, only breathing room.
In early 2008 the Ministry of Justice announced one of the most profound suggested changes in UK bankruptcy and insolvency regulations.
Under an Enforcement Restriction Order a debtor would be eligible for court protection to stop repaying debts but a key factor is that the debtor must be able to demonstrate that by the end of the court protection that there would be a reasonable expectation that a payment plan could be entered into.
