BIS says the move is in response to recent large corporate failures and developments in Europe to provide businesses with the tools to facilitate company rescue.
Business secretary Sajid Javid said: An increasing international focus on company rescue has helped to shift the perceptions of what constitutes best practice; the UK needs to reflect this if our businesses, investors and creditors are to remain confident that the best outcomes can be achieved when things go wrong.
The consultation looks at four broad areas for reform. The first is creating a new moratorium, which will provide companies with an opportunity to consider the best approach for rescuing the business whilst free from enforcement and legal action by creditors.
In order to…
Read the full article at: https://www.cchdaily.co.uk/consultation-updates-insolvency-regime