'Light-touch' administration - A new protocol
09 April 2020
R3 members may be aware that the Insolvency Lawyers Association and City of London Law Society have circulated a draft protocol which is designed to support a 'light touch' administration process. You can see the latest version of the Protocol here.
R3 has provided feedback to the Protocol's authors based on comments made on earlier drafts by our members. It is an insolvency practitioner's choice to use this Protocol or not, and it is important that any insolvency practitioner considering using the Protocol seek legal advice before doing so.
R3 welcomes thinking which helps our members deploy UK insolvency framework processes in innovative ways in the current climate. Every insolvency case is different, and different tools – whether the Protocol or other options, such as the planned updates to the corporate insolvency framework – will work in different situations. We know that the insolvency and restructuring profession will be using every means available to it to rescue businesses and jobs.
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