The English ICA has welcomed the publication of the Insolvency Bill as a lifeline for smaller companies in financial difficulty, but cautioned that the moratorium the Bill provides for must be workable.
Commenting on the Bill, Sondra Tarshis of the Institute’s Insolvency Practitioners’ Committee said:’We welcome the introduction of a moratorium into the existing Company Voluntary Arrangements. The rescue culture will benefit from giving small companies experiencing short-term financial difficulties the breathing space in which to put together a legally-binding rescue plan, provided the moratorium procedure is practical.
‘However, the ultimate success of this breathing space will depend on companies being able to obtain sufficient funding to carry on trading during and beyond the moratorium.
‘We understand that the issue of funding is one that will be examined as part of the government’s longer term review of insolvency and rescue mechanisms and very much welcome this initiative.’
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