1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140 
No time for debtors' lifeline law
Page 8
If you've noticed an error in this article please click here to report it so we can fix it.
• Hauliers facing financial difficulties are to be thrown a lifeline by the Government with more time to solve their cashflow problems.
Draft reforms of the Insolvency Act 1986 will include a 28-day moratorium for small firms (those with a net turnover of less than £2.8m and up to 50 employees) to help protect them from creditors' demands for payment.
This period of grace can be extended to three months if a rescue is possible.
Also included in the Insolvency Bill, currently being drafted by the Department of Trade and Industry, is a fast
track method of disqualifying directors who admit their guilt. The current procedure can take several years because it is handled by the courts.
However, the bill was not included in last month's Queen's Speech, and with no allocation of Parliamentary time it is unlikely to become law next year.