Struggling companies should be given up to six weeks free from creditor pressure to plan a recovery or rescue, according to the North East chair of insolvency trade body R3.In a week when two major UK retail names filed for administration, Neil Harrold, who is also a partner with Hay & Kilner Solicitors, has highlighted the insolvency professions belief that the introduction of a business rescue moratorium would help save more companies under severe financial strain, safeguarding more jobs and improving returns to creditors as a result.
Under R3s proposals, creditors would not be able to pursue debts owed by companies in a moratorium for 21 days, with this period being extendable for a further 21 days with …
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