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Business leaders from G20 countries around the world have been meeting UK Government Ministers today at 10 Downing street ahead of the London Summit on April 2nd. Following the meeting a joint statement by BERR business secretary Lord Mandelson and CBI president Martin Broughton has been released. One part of their joint announcement is of note to those interested in insolvency matters (they also noted the need for an urgent renew the commitment to conclude the WTO Round and the need to pursue the need for anti-protectionism across the globe). The insolvency issue relates to a recognition of the need: "To increase the supply of trade finance." The statement notes: "International and government institutions need to step in to substitute private flows of trade finance which have been drying up. If left unchecked, this could restrain many hundreds of billions of dollars of global trade over the next two years."
"This is the ultimate statement of where the law on IVAs is to be found in our great common law...