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R3 launches 2019 election manifesto

Insolvency and restructuring trade body R3 has launched its 2019 election manifesto, which sets out the policies that will help the insolvency and restructuring profession continue to support businesses and individuals going through financial distress.

These include:

  • The abolition of plans to make HMRC a priority creditor in insolvencies
  • The introduction of the proposed 2016 corporate insolvency reforms
  • Ensuring that any changes made to the current insolvency and restructuring framework are evidence-based and outcome-focused
  • The progression of plans to reform and strengthen the powers of Companies House
  • Amending plans for a proposed ‘Breathing Space’ for indebted individuals so that sole traders with business debts above the VAT threshold benefit from the policy

Alexandra Withers, vice chair of R3 in the North East and an Associate Solicitor in the Insolvency Department of Short Richardson & Forth Solicitors in Newcastle, says: “Quite understandably, the Brexit debate has dominated the political agenda since 2016, but this has meant a number of key policy proposals that would have helped improve the insolvency and restructuring framework have been pushed into the background.

“At the same time, policy proposals which would make things worse haven’t had the scrutiny they need.

“I hope whoever forms the next Government takes heed of the recommendations in our manifesto and gives insolvency and restructuring issues the legislative time and attention they deserve, so that the profession can rescue more businesses, save more jobs and help more people back onto stable financial ground.”