UK turnaround regime has potential to evolve…

Could Australia’s new insolvency legislation, SafeHarbour, be a model for the UK?

Tony Groom, UK’s Turnaround and Transformation Expert

According to research published in October 2010 comparing procedures in the UK, The Netherlands, Germany and Italy for restructuring insolvent companies:

“The UK has a cultural, legal and professional environment that is highly supportive of reconstruction. The UK system offers a wide range of legal routes available, with courts acting flexibly.”

In May 2016, the UK Government launched a three-month consultation on revisions to the insolvency regulations, including proposals for a three-month moratorium before creditors could take enforcement action, measures to protect essential supplies so that businesses could continue trading and prevent them from being “held hostage” by suppliers and a mechanism preventing both secured and unsecured creditors from dissenting to a proposed rescue plan.

Read the rest of the article on the website of K2 Partners, headed by the UK’s turnaround expert Tony Groom.