Home / Money / Aggressive debt collectors put on a short leash to help firms survive

Aggressive debt collectors put on a short leash to help firms survive

Firms will get extra protection from aggressive debt collectors under new laws proposed today

Firms will get extra protection from aggressive debt collectors under new laws proposed today

Firms will get extra protection from aggressive debt collectors under new laws proposed today

Companies struggling because of the crisis will get extra protection from aggressive debt collectors under new laws proposed today.

The Corporate Insolvency and Governance Bill seeks to ease the strain on firms. 

‘Wrongful trading’ rules will be temporarily relaxed to enable businesses to keep trading without directors being held personally responsible if they later become insolvent.

It will also stop creditors putting forward winding up motions for ‘otherwise viable’ firms that owe them money, if those firms are in distress because of the virus.

Business Secretary Alok Sharma said: ‘The bill will help companies that were trading successfully before the emergency to protect jobs and put them in the best possible position to bounce back.’

Jonathan Geldart, of the Institute of Directors, said: ‘This provides reassurance that those who act responsibly won’t be caught out by the insolvency system.’

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