A proposal to reduce the default bankruptcy period from three years to one year has drawn fire from the Personal Insolvency Professionals Association, which says such a move would “incentivise” bankruptcy.
Earlier this month the Government issued a consultation paper, saying that current insolvency law puts too much emphasis on penalising and stigmatising failure, and stifles innovation.
Other proposals in the paper included the introduction of safe harbour arrangements for directors that would protect them from personal liability for insolvent trading if they appoint a…
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