IFT Media Release in response to the Corporate Insolvency and Governance Bill - The IFT

IFT Media Release in response to the Corporate Insolvency and Governance Bill

Institute for Turnaround accredited turnaround professionals ready to deliver business rescue offered in new insolvency legislation

-Legislation provides breathing space to turnaround businesses and avoid unnecessary insolvencies

-New moratorium requires hands-on turnaround skills

-IFT accredited professionals with a successful business turnaround track record are well placed to ensure success

The IFT welcomes the passage of the Corporate Insolvency and Governance Bill, providing a breathing space for struggling but ultimately viable businesses to survive and thrive, during and beyond the unprecedented Covid-19 pandemic.

Steve Swayne, Chair of The Institute for Turnaround said:

The Government has acted decisively to introduce legislation to respond to the immediate business challenges of Covid-19 and embed a longer-term rescue framework to avoid unnecessary insolvencies.

The UK benefits from world leading turnaround practice and our rescue community is well placed to use the new framework to save struggling businesses for the benefit of workers, shareholders, creditors and customers. With the situational leadership, operational management and financial restructuring skills required to transform struggling businesses, IFT accredited professionals look forward to working with businesses to grasp this opportunity for the benefit of the business and people of the UK

The ‘monitor’ in the moratorium process, who must be a licensed insolvency practitioner, will be accountable for providing assurance that the rescue of the company is both achievable and on course. The IFT would urge that the skills of accredited professionals, with a proven record in changing the fortunes of distressed companies, are used in this new process. This includes working alongside management teams to deliver the turnaround objective and providing assurance to stakeholders, including the monitor and creditors, that the turnaround is on track.

During the more benign economic conditions of 2019, we estimate that our members saved in excess of 200,000 jobs and £2bn in enterprise value. The new moratorium provides the opportunity for IFT members to take an active role in supporting struggling businesses to turn around, saving jobs and value for all stakeholders. Our accredited turnaround professionals urge early intervention as the best means of securing success and avoiding unnecessary insolvencies, for the benefit of all stakeholders and UK PLC.

You can read and download our full media release here.

For further press information please contact:
Francesca Rivett-Carnac (francesca@standagency.com / 07966 227 390)
Grace French (grace@standagency.com / 07906 630 501)

Related News

VIEW ALL

Here, IFT Member, Phil White discusses the importance of becoming ‘turnaround-ready’ post-Covid and the advantages of seeking external expert

READ MORE

NEXT EVENT - 14.07.2020

  Due to the current restrictions on travel and gatherings, we are unable to conduct our National Conference in its traditional format this year. Engagement with and feedback regarding our virtual events

FIND OUT MORE

UPCOMING EVENTS

VIEW ALL
  • Date: 01.09.2020
  • Name: Webinar Replay: Insolvency and Governance Bill – Key changes and implications for turnaround
  • Location: Warnford Court

The IFT Webinar Replay: Corporate Insolvency and Governance Bill - Key changes and implications for turnaround  is now available. This webinar featured a panel of Richard Obank (Chair) - Brown Rudnick, Rob Lewis -

FIND OUT MORE
  • Date: 01.09.2020
  • Name: IFT Webinar replay: Insurance as an Asset: Maximising Business Interruption Recoveries arising from the Covid-19 Crisis
  • Location: warnford court

The replay of the IFT Webinar: Insurance as an Asset: Maximising Business Interruption Recoveries arising from the Covid-19 Crisis Is now available. The session was hosted by Richard Obank - Brown

FIND OUT MORE
  • Date: 01.09.2020
  • Name: Webinar Replay: Outlook for Automotive Retail during and after COVID-19
  • Location: 3.3 Warnford Court

The IFT webinar replay: 'Outlook for Automotive Retail during and after COVID-19' is now available. The Chairman of ASE Global, Mike Jones, discussed the impact of Covid-19 on the

FIND OUT MORE
  • Date: 01.09.2020
  • Name: Webinar replay: The impact of COVID-19 on supply chain management
  • Location: 3.3 Warnford Court

The replay of the IFT Breakfast Webinar: The impact of COVID-19 on supply chain management is now available. This webinar had both a short term and medium term focus looking at the immediate impacts of coming out

FIND OUT MORE
  • Date: 01.09.2020
  • Name: Webinar Replay: Managing Cash during the COVID-19 Pandemic.
  • Location: 3.3 Warnford Court

On Thursday 30th April at 8am the IFT hosted a Breakfast Webinar around.Managing Cash during the COVID-19 Pandemic. A replay of this even is now available and be accessed by clicking the button at the bottom. In

FIND OUT MORE
  • Date: 01.09.2020
  • Name: Webinar Replay: Workforce and Employment Matters during COVID-19
  • Location: 3.3 Warnford Court

The COVID-19 crisis has effected businesses in a number of ways in recent weeks and this has posed several questions in terms of employment. In response to this the IFT hosted a webinar discussing the issues currently

FIND OUT MORE