New Insolvency Measures Introduced by the British Government Bring Relief to UK Companies and their Directors
By Chris Iacovides & Andri Antoniou* Whilst the UK is taking proactive measures to aid ailing companies and business es from the aftermath of the coronavirus outbreak, one cannot help but wonder what the Cyprus government will do since the Examinership regime introduced as part of the rescue culture in 2015, failed miserably . The UK may have been slower off the mark than many other countries in their fight against coronavirus nevertheless, the authorities have now ramped up the speed and scale of the measures being implemented to protect their national health system and the economy. On Friday 27 March 2020, the British Government went to the extent of introducing more flexible insolvency procedures to help businesses. According to Alok Sharma, UK’s Business Secretary , the following measures will take effect retrospectively from March 1 st for 3 months during the coronavirus pandemic. Under the plans, new restructuring tools will be added to the UK’s Insolven