The practice area of bankruptcy & insolvency is in a constant state of flux. 2020 and 2021 saw some of the biggest reforms to our insolvency framework in 30 years, as businesses struggled financially with the fallout from the Covid-19 pandemic.
Introduction
The government’s insolvency reforms, which commenced on 1 January 2021, created a new simplified liquidation and new debt restructuring process for small companies/SMEs in particular, and has provided directors with the control and flexibility they need to either restructure their business or wind down operations. In essence, the reforms have allowed viable businesses to survive, or else wind up and move on as quickly as possible, thereby maximising any returns available for…
