Comet
News just out that Vince Cable has referred three Insolvency Practitioner partners from Deloitte to the Institute of Chartered Accountants for investigation over the Comet administration. It appears there are two alleged issues: Failure to consult properly with workers and unions over potential redundancies which has left the tax payer picking up an £18.4 million […]
The Graham Report on Pre-Packs
At the request of Vince Cable’s business department, Teresa Graham carried out an independent review of pre-pack administrations, published in June 2014. The review was tasked with looking at the long-term impact of pre-packs, whether they provide best value to creditors as a whole, their usefulness in business rescue generally, the potential to cause detriment […]
A true business rescue culture
On 12th March 2014, the European Commission published a proposal that all member countries should reform their insolvency laws to create a genuine rescue culture. Key points from the paper are: 200,000 businesses face insolvency every year across the EU and 1.7m people lose their jobs Insolvency frameworks in many EU countries channel viable enterprises […]
