There are no plans to modernise the island’s insolvency laws in the next parliamentary year.

But Treasury Minister Alfred Cannan said his department was committed to supporting the ’principle of reform in our civil debt recovery regime’.

This would be through a phased review which would include a public consultation.

Areas to be covered would include legislation, framework and procedures relating to the collection of civil debt and enforcement proceedings against debtors.

Responding to a Tynwald question from Jason Moorhouse (Arbory, Castletown and Malew), Mr Cannan (pictured above) added: ’Although not part of the initial phase, a review of the current insolvency framework and all related legislation is integrated into later workstreams.

’The timing of this work will be dependent on the outcome of the preceding phases which are likely to require the promotion of new bills.’

The first phase will get underway with an ’initial policy consultation’ in the coming months.

Mr Cannan said: ’The Treasury is working closely with the Isle of Man Financial Services Authority to develop a framework to enable the government to resolve domestic systemically important banks (what effectively relates to the introduction of specific bank insolvency law).

’Although this is separate from general insolvency law, any relevant research undertaken as part of this will be integrated into the longer term review outlined.’