 |
| LATEST LATEST LEGAL NEWS ARCHIVE |
LATEST NEWS & EVENTS Govt makes u-turn on insolvency reforms  Proposed changes to the corporate insolvency regime will not go ahead, the government has confirmed following a review of the legislation. Business minister with responsibility for the insolvency market Ed Davey said he had listened to "interested parties" and decided there no was no need for further reform. The proposals for so-called "pre-pack" administrations would have meant drastic changes for practitioners and insolvency lawyers and given creditors a three-day notice period when selling a business to a connected party. However, Mr Davey said the government was "not convinced" of the merits of changing the current system. The u-turn has been welcomed by R3, the Association of Business Recovery Professionals, which represents most insolvency practitioners in the UK. "We are pleased government has listened to the fact that improvements to the current pre-pack regime can be achieved through tweaks to the existing regulatory framework instead of additional regulatory burdens which would cause harm to businesses and their employees," said R3 president Frances Coulson. Pre-packs, she added, remain a "vital rescue tool" for UK businesses. Posted by Alex McLean 
Related Articles: 8/5/2012 - More companies fail as personal insolvencies fall 23/4/2012 - Landlords and insurers unite behind insolvency law reform 19/4/2012 - Enterprise Act 'does not need radical overhaul' 13/4/2012 - Retail insolvency rate up 15% as rent payments bite 28/3/2012 - Business insolvencies on the rise More Insolvency & Restructuring News |
|||
| © 2012 Lamport Bassitt | DEFAULT ZOOM | DISABILITY INFORMATION | LEGAL INFORMATION |