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LATEST NEWS & EVENTS UK opts out of European insolvency reforms  The British government has confirmed it will opt out of sweeping reforms to the European corporate insolvency regime that would have affected businesses seeking advice from a commercial debt recovery solicitor. Announced earlier this year, the European Commission intends to create a European Account Preservation Order to make it easier to recover debts in cross-border cases. This would have given courts anywhere in the European Union the power to freeze funds in UK businesses' bank accounts without warning. Corporate insolvency body R3 welcomed the news that the UK will not participate in the scheme, describing it as a "significant move". It worked to highlight to officials and MPs what it saw as the dangers of the legislation to business rescue in the UK. "The rigorous checks and balances over the validity of the claim that we have in the UK were sorely missing from the proposals," explained R3 president Frances Coulson. She added that the regulation would have had "a detrimental impact on business rescue through insolvency and restructuring". Posted by Georgina Price 
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