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Insolvency Law

Expert guidance on all aspects of corporate and personal insolvency

04 MAR 2013

R3 on the Enterprise and Regulatory Reform Bill

R3 have put out the folliwing self explanatory media statement:

"R3 welcomes the Government’s announcement on the continuation of supply to businesses in insolvency:

 R3 President Lee Manning comments:

 “We are delighted that the Government has tabled an amendment to the Enterprise and Regulatory Reform Bill which states that IT providers and other essential suppliers must continue to supply on insolvency and will be unable to vary their terms of supply and increase charges. R3 has been campaigning on this issue for over two years and our research reveals that more than 2,000 businesses a year could avoid closure if suppliers continued to supply at the pre-insolvency terms.

 “This victory for common sense recognises that legislation has not always kept pace with changes in public utilities ownership and highlights the importance of IT when running a business in the 21st Century. Struggling businesses need a flexible and up to date insolvency regime to allow them the best chance of survival.

“This announcement comes on the back of the BIS Select Committee recommending that the Government, issue a consultation on the continuation of supply to businesses in insolvency, which we had previously welcomed.”

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