Small-company finance directors have reacted with indifference to the long-awaited Insolvency Bill designed to help small companies in trouble, according to the results of the latest Big Question survey conducted by Accountancy Age and Reed Accountancy Personnel, writes Lucinda Kemeny. The Bill introduces a minimum 28-day moratorium into the company voluntary arrangement scheme, and a procedure to disqualify directors without a court hearing. But although the provisions have been given a high profile in efforts to help small companies keep creditors at bay while they put a rescue plan in place, the plans have fallen on deaf ears. Almost 60% of those surveyed remained neutral to the Bill, while 20% said they did not believe it would help. One finance director, who wished to remain anonymous, said: ‘Would it work in practice? Another 28 days could mean more problems.’ Others replied it would delay the inevitable and add extra red tape to smaller businesses. Only 4% felt the Bill would definitely help companies in financial trouble.
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