Alok Sharma the UK Business Secretary has announced that there will be new measures to improve the insolvency system to help businesses hit by the coronavirus crisis.
“It is crucial when the crisis passes, as it will, we are ready to bounce back” he went on to say, “These measures will give those firms extra time and space to weather the storm and be ready when the crisis ends whilst ensuring creditors get the best return possible in the circumstances.”
Manolete Partners CEO Steven Cooklin told DirectorsTalk, “This is part of the Government’s plans to assist businesses, large and small, in these most testing of times. Wrongful Trading claims are not very common in the insolvency industry and, for Manolete, represent only around 4% of the cases we have financed during the Company’s lifetime.”
Manolete Partners Plc is a specialist insolvency litigation financing company. It funds or buys insolvency claims. The company works with Insolvency Practitioners and their lawyers to maximise returns to creditors and are renowned for an unparalleled knowledge of the Insolvency and Recovery sector.