The Big Debate:
Are the Current UK Turnaround and Insolvency Regimes Fit for Purpose?
On Thursday 11 May 2017, The IFT, the Turnaround Management Association and R3 will together host an evening with outstanding speakers, lively debate and networking opportunities over drinks and a buffet.
6pm – Registration, tea & coffee
6.30pm – Debate commences
7.30pm – Debate opens to the floor
8pm – Networking, buffet & drinks
The World Bank produces an annual ranking of insolvency and turnaround regimes based on a number of factors including recovery rates, duration of the process, costs, outcome and the strength of the insolvency framework. The UK has been ranked number 13 for the past two years.
In 2016, the government initiated a 'Review of the Corporate Insolvency Framework' which received a significant amount of feedback and comments from the bodies that this impacts. The consultation sought views on whether the UK’s regime needs updating in light of international principles developed by the World Bank and the United Nations Commission on International Trade Law (UNCITRAL), recent large corporate failures and an increasing European focus on providing businesses with the tools to facilitate company rescue.
The consultation looks at four broad areas for reform to improve the efficiency of the rescue and restructuring tools available to companies in the UK, which are:
- Introducing a moratorium for distressed businesses to benefit from protection against legal action while considering their options for rescue
- Widening the definition of essential supplies, with appropriate safeguards for suppliers, to assist distressed businesses
- Developing a new restructuring plan to increase the options available to rescue businesses
- Increasing the availability of rescue finance
The debate will consider whether the current UK turnaround and insolvency regimes are fit for purpose, whether the proposals will be beneficial and, indeed, whether the proposals go far enough.
Speaker details will be announced shortly