New protection for sole traders

A NEW business status that protects personal property from being seized in the event of bankruptcy will come into force at the start of next year.

The entreprise individuelle à responsabilité limitée, was voted through by the National Assembly and will allow sole traders in trades, commerce and agriculture to separate the part of their possessions which is personal and the part linked to the business.

In the case of bankruptcy only the latter would be at risk from creditors, unlike at present where everything the business owner possesses can be involved.