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The Government have published their response to the recent Business and Enterprise Committee's report on the Insolvency Service. See the publication here. It makes fascinating reading. Particularly interesting is the comment that: "The World Bank ‘Doing Business Report’ 2009 ranked the Insolvency Service 8th out of 155 countries for the speed with which it deals with troubled businesses and 9th for the amounts returned to creditors. This compares very favourably with the USA, France, and Germany."
"This is the ultimate statement of where the law on IVAs is to be found in our great common law...