Insolvency Changes

The government are currently thinking about changes to make to existing insolvency laws to persuade directors to continue trading without becoming personally liable for the company's debts with the aim of saving jobs. This may allow more directors to take out government backed loans in turn thinking that the risk of them becoming personally liable to repay these loans, and other company liabilities is to be significantly reduced.  With businesses fast running out of cash and needing to make urgent decisions on whether to take out loans, the government needs to properly set out the law in this important area giving rise to potential substantial personal liability for directors of companies.

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