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City Link/new government redundancy and insolvency call for evidence – R3 comments PDF Print E-mail
Monday, 23 March 2015

Responding to the parliamentary report on the City Link administration and the announcement by the Insolvency Service (23/3) that it has launched a call for evidence on redundancy consultations in insolvency, Phillip Sykes, vice-president of R3, the insolvency trade body, says:

“R3 recognises concerns raised in the Joint Committee’s report. We welcome steps to improve transparency and communication for creditors as these are important foundations for effective creditor engagement in the insolvency process.”
“The UK’s insolvency regime is one of the world’s most effective, but it should always be kept under review to ensure it continues to meet modern business and creditor needs. We agree with the Committee that any review of the statutory order of payments needs to be carried out carefully to avoid unintended consequences.”
“We also agree that the separate sets of rules on redundancy consultations and insolvency are looked at in tandem to remove areas of friction. The insolvency profession is often placed in a difficult position when it is required to balance the sometimes contradictory legal requirements of employees and creditors. The government understands the tensions that exist in this area and we shall work constructively with the government to resolve them. We welcome the ‘call for evidence’ on this topic announced by the government this morning.”

(Source - R3 Media Statement)


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