CONSUMER INSOLVENCY ACT PROMULGATED

The Consumer Insolvency Act was promulgated on 11 July 2007, and will take effect nine months after that date. The Act provides that an indi-vidual who has not been engaged in business activities during the last five years, or whose average monthly business turnover over the last five years has not exceeded NT$200,000, and whose total debts other than secured and senior debts do not exceed NT$12 million, may petition the cour ... More