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08:35 on Wednesday
7 March 2001

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Government insolvency plan could help safeguard local jobs

Local jobs could be safeguarded by the one of the key findings of the Government’s recent Insolvency Review which has been welcomed by the Eastern Branch of the Institute of Directors.

A key recommendation of the Review of Company Rescue and Business Recovery Mechanisms means that the Revenue and Customs will now consider allowing companies which cannot pay their taxes to trade their way out of short term difficulties, rather than simply shutting them down.

“It will help increase the chances of rescuing local businesses facing financial difficulty, thereby protecting local jobs,” says Stephanie Smye, chairman of the branch, which represents over 900 company leaders in Cambridgeshire.

However, not all of the review has been so positively received. The IoD’s Eastern Branch has expressed its disappointment at the lack of progress in ending the right of the Inland Revenue and Her Majesty’s Customs & Excise to be paid ahead of other creditors (known as Crown Preference).

Stephanie Smye says: “The arguments for changing Crown Preference are very strong and we will continue to press for what we believe to be a fairer system for local businesses.

“If a company closes and fails to pay its bills the knock-on effect for its suppliers can be devastating. By insisting that taxes must be paid before other creditors get any money the government may be forcing other firms into closure.”

November 2000




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