| Industry News |
|
| News » Insolvency Law » Bankruptcy processes to be fast-tracked |
|
17/11/2009
Bankruptcy processes to be fast-tracked |
|
Bankruptcy proceedings will be sped up under proposed new rules the government is looking to introduce.
The Department for Business, Innovation and Skills has suggested that rather than the process taking three months, a petition can be sent straight to an appointed decision maker for an earlier adjudication.
Commenting on the plan, business minister Ian Lucas remarked: "Many people delay making a petition for bankruptcy because they do not want to appear in court - meaning they can sink further into debt."
Those facing such as situation may wish to speak to an insolvency lawyer first to establish what their best course of action is.
Earlier this week, the Office of Fair Trading announced an investigation into business insolvency practices, included the costs involved in the process.
The exercise will see legal firms, regulators, trade bodies and the government all taking part in the probe, to establish whether regulatory reform is needed.
Written by Anthony Dyson
 |
| |
| Related Articles |
11/01/2010
Retailers 'face tough 2010'
This year will be a very difficult one for retailers, the British Retail Consortium (BRC) has predicted.
|
23/12/2009
Economy 'to remain sluggish'
The UK economy will continue to be weak as a number of factors collude to prevent it growing with much speed, an expert has predicted.
|
17/12/2009
New Year insolvency warning
Insolvency lawyers could be very busy in the new year as the retail sector faces a large number of struggling traders going to the wall, it has been predicted.
|
02/12/2009
Warning for businesses may raise insolvency issues
Banks are still substantially disconnected from businesses despite the efforts of the government, it has been claimed.
|
25/11/2009
Insolvencies 'accounting for a third of job losses'
Nearly a third of the jobs lost in England and Wales in the past year were caused by company insolvency, it has been revealed.
|
News Archive