BCC responds to changes to insolvency laws

30th March 2020

Commenting on Business Secretary Alok Sharma’s announcement on the relaxation of the insolvency rules, BCC Head of Economics Suren Thiru said:

“Businesses will welcome the government’s sensible steps to amend insolvency laws to help protect companies weakened by the impact of coronavirus.

“It is right that the rules on wrongful trading are temporarily suspended to ensure that directors are not penalised for doing all they can to save companies and jobs during this turbulent period.

“Companies that were viable before the outbreak must be supported to ensure they can help power the recovery when the immediate crisis is over.

“Cashflow remains an urgent concern for many businesses, so it’s vital that government support packages reach businesses and people on the ground as soon as possible.”

Also announced were measures to cut red tape to allow companies to produce Personal Protective Equipment (PPE) and hand sanitiser more quickly. BCC Co-Executive Director Hannah Essex said:

“Businesses across the UK will welcome measures that help them contribute to the national effort to tackle Coronavirus. Action to speed up the production of these supplies will be vital to limiting the spread of the virus and reducing the burden on our health service.

“Chambers and their members are working together to see how they can play their part, including gathering unused PPE equipment from local businesses and delivering them to the NHS.”

You might also be interested in

The importance of insurance when adapting your business during lockdown

Thu 25th February 2021

Broker advice on adapting your business during lockdown.

Could CBILS lending help your business?

Wed 24th February 2021

Whatever challenges your business is currently facing, Finance For Enterprise’s team of knowledgeable and experienced Investment Managers are here to support you and your future business plans.

Document Network Services join Sheffield Chamber as a Premium Partner

Tue 23rd February 2021

Document Network Services has joined Sheffield Chamber of Commerce. They aim to work closely with the Chamber and its members to ensure local businesses get a fair deal on their Print, IT Services, Document Management and Communications.

Brexit Support: Weekly Drop-in Sessions with SITC

Tue 23rd February 2021

The UK left the European Customs Union and Single Market on 1st January 2021. This brought changes for businesses of every size and sector, in the trading of goods. Many businesses are facing difficulties in adapting to these changes.