Released this week at INSOL’s international congress in London, the report highlights cross-border differences.
Where in the US penalties are light, in the UK directors could be penalised for wrongful trading, but in France they could go to jail.
INSOL hopes the survey will become a vital resource for companies operating in different countries, as penalties vary so widely.
Gordon Stewart, head of business reconstruction and insolvency at law firm Allen & Overy, led the two-year ‘Twilight Zone’ project.
‘The question for directors is: “How am I at risk?” For creditors, it is: “Can I lend money and take security?”
‘The directors need to know whether they can allow the company to borrow more. The inability to borrow more is one of the biggest killers of turnarounds,’ said Stewart.
Nearly 1,000 accountants, company doctors, lawyers and bankers from around the world are set to attend the INSOL conference which began yesterday and concludes on Friday.
Find out more about INSOL at www.insol.org
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