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

Works start on Henry Boot Construction's second major Heart of the City build

Fri 14th May 2021

Construction work has begun on the Kangaroo Works, Henry Boot Construction's second major project secured under the Heart of the City scheme.

Sheffield Credit Union Expands Payroll Deduction Services to More Employers

Fri 14th May 2021

The expansion is due to a report from February 2021 by the Financial Inclusion Centre, commissioned by the Money and Pensions Service, highlighting the success of payroll deduction schemes in helping people build savings and improve financial resilience.

Henry Boot PLC launch equality, diversity & inclusion strategy

Thu 13th May 2021

Sheffield-headquartered Henry Boot PLC has set out a ‘deliberately ambitious’ strategy to create a fair, accessible, diverse and inclusive working environment.

Workplace conflict costs employers nearly £30bn a year

Thu 13th May 2021

New analysis published today (11 May 2021) estimates workplace conflict costs UK employers £28.5 billion every year - just over £1,000 on average for every employee.