The radical shake-up of insolvency law was announced on Monday as part of a wider of package reforms outlined in the chancellor’s ‘Enterprise for All’ document.
‘It’s quite a shock,’ said Simon Freakly, head of Kroll Buchler Philips. ‘We all knew the government was thinking about these issues but there was no indication Brown was going say this.’
In a move welcomed by insolvency practitioners, Brown said the government would remove crown preferential treatment, a procedure that puts the Inland Revenue and Customs & Excise at the top of the list of creditors when companies crash. But they were more cautious about proposals to ensure collective procedures are used instead of administrative receivership.
To read more about the decision to abolish crown preference, click here.
Find out about the government’s proposals to restrict or abolish administrative receivership, click here.
Read about R3’s views on the bankruptcy reforms by clicking here.
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