Corporate insolvency register could move online

Proposals have been made to the Insolvency Service to move administration
applications for corporate insolvencies to an online register.

The proposal was made in the Insolvency Service consultation on encouraging
company rescues through Company Voluntary Arrangements.

The idea was backed by the Insolvency Lawyers Association, the City of London
Law Society and the Confederation of British Industry.

There have been 507 CVA’s in the year to Q3 2009 and 587 in the same period
for 2008.

On 13 November this year the government allowed bankruptcy applications to be
filed online and through the post.

Last week the Insolvency Service published recommendations it had received on
how to encourage company rescues through Company Voluntary Arrangements.

A CVA is a legally binding administration process that allows a business to
repay some or all of its debts based on future profits.

Further reading:

Landlords step up to rescue Blacks Leisure

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