UK seeks to shield business by amending bankruptcy rules

LONDON -The British government is loosening its bankruptcy rules to allow struggling businesses to continue trading if they can't pay their debts because of the impact of the coronavirus.

"These measures will give those firms extra time and space to weather the storm and be ready when the crisis ends, whilst ensuring creditors get the best return possible in the circumstances," said Mr Sharma, who hosted the government's daily coronavirus briefing because Prime Minister Boris Johnson is holed up with Covid-19.

"A framework which makes it easier for directors to keep their businesses running while complying with their creditor responsibilities, allowing them to focus on the longer term while preserving jobs in the short term, will be welcome," Mr Steve Russell, head of Business Restructuring Services at PwC U.K., said in a statement on Saturday.

Singapore Singapore Latest News, Singapore Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

UK urges people not to move as housing market freezesTHE UK government has urged people to avoid moving house during the novel coronavirus outbreak, as the pandemic brings the country's property market to a near standstill. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »