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26-02-2015

Common sense has prevailed and government has listened.

It is edifying to hear that the insolvency exemption to LASPO has been extended, meaning that IPs can continue to recover sums from misfeasant directors and others and that those directors should pay the full costs of their failures.

They can avoid payments of ATE and uplifts by engaging early and sensibly with the IP. IPs don’t waste their time bringing frivolous claims at their own risk, and whilst they aren’t always 100% in the right - who is? - they are well-trained professionals who are seeking redress for others.

Enabling this litigation to continue assists making the UK a good place to do business, with good corporate governance and fair competition. Everyone should pay their way and not trade at the expense of others. It is a balance between encouraging the entrepreneur and not allowing the gambler. Any director unsure of their position should take their own advice from an IP or insolvency solicitor as early as possible.

Of course the fight doesn’t end here as this is an extension of the temporary exemption, but as the research shows, no other system works as well in providing redress for creditors and fostering compliance.

All credit to R3 for its brilliant public affairs campaign and all the members who lobbied their MPs. Gives new faith in the system!

Frances Coulson

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Standout firm known for its personal insolvency work for clients including private companies, individuals and governmental institutions. Frequently acts for insolvency practitioners, assisting with the realisation of assets, both in the UK and abroad.

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