A new policy announcement, a Budget submission, a roundtable event and an All-Party Parliamentary Group report on insolvency regulation – as well as continued increased media interest in the profession and its work – made September a busy month for R3’s Press, Policy and Public Affairs Team…
This blog post sets out R3’s response to the APPG’s report and recommendations – including those that could help to make a positive difference to the current framework – while also highlighting some of the areas where we feel the report doesn’t get it right.
As MPs depart Westminster for the summer parliamentary recess, we are taking stock of an important piece of legislation for the insolvency and restructuring profession, and its progress so far through parliament.
The insolvency and restructuring profession plays a fundamental role in the UK economy. Research we published earlier this year showed that, in 2019, the profession rescued 7,200 businesses, returning an estimated £1.82 billion to creditors and saving an estimated 297,000 jobs in the process. It has also helped over 60,000 businesses and 144,000 people by providing qualified advice about the insolvency and restructuring options available to them.
After a year like no other, and with considerable uncertainty remaining about what will happen in coming months, directors and business owners could be forgiven for being unsure about the best path forwards.
James Jeffreys
Stuart McBride
Giorgio Buttironi
