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24/04/2009
Government insolvency plan criticised |
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Plans announced by chancellor of the exchequer Alistair Darling in the Budget to carry out a review of insolvency laws have been criticised as insufficient.
The initiative was unveiled by Mr Darling after Conservative leader David Cameron committed his party to introducing laws similar to ones used in the US to protect firms against going bust, the Financial Times reports.
However, Managing director of the European High Yield Association Gilbey Strub, while welcoming the announcement, was quoted by the paper as saying: "The government could do a lot more to promote company rescue which would have a direct bearing on job preservation and abating the spread of economic collapse."
Those facing the threat of insolvency in their business may wish to engage the services of a solicitor to help them deal with the issue.
Earlier this week, PricewaterhouseCoopers revealed in its latest study that the number of insolvencies in the first three months of 2009 was 57 per cent higher than in the same period last year.
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