‘The Insolvency Act 2000 has been an excellent boost for us in dealing with the administration,’ said company administrator Maurice Moses, business recovery partner at Levy Gee.
The new provisions of the act are coming into force in stages during the year, as Patricia Hewitt takes over at the DTI. In March, rules came into force stating landlords had to go through the courts before removing tenants and the contents of the premises.
Moses explained these provisions put landlords on a level playing field with other creditors, who had to go through the courts before getting money they owed. ‘It protects the business from landlords wanting to close down a shop because of unpaid rights. ‘This administration is proof the act is working.’
Jeffrey Rogers went into administration on 18 May after suffering irrevocable financial losses and employs 600 people.
Hewitt’s appointment as trade and industry secretary has raised hopes that her previous work with the government’s Small Business Council will mean the DTI will give greater focus to SMEs.
For more on Tony Blair’s ministerial shuffle see www.accountancyage.com/news/1122031/
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