With more corporate failures likely, the publication of the UK government’s white paper on insolvency seems timely. The government has listened to the views of those who believe that the present regime is too pro-creditor and has suggested initiatives designed to move the UK regime towards a more debtor-friendly slant.
One of the main changes proposed in the policy document is that administrative receivership be replaced by a revised administration procedure in which the interests of all creditors (including unsecured creditors) will be considered.
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