New guide published on insolvency and how to deal with it
5 January 2009
International law firm Stephenson Harwood addresses the many challenges of corporate insolvency with the launch in January 2009 of 'Insolvency – and how to deal with it'. The new guide includes a series of perspectives providing guidance for those affected – from company directors, banks, suppliers and shareholders through to customers, landlords, employees and pension schemes.
The Insolvency Service's latest figures show that there were over 4,000 compulsory company liquidations in England and Wales in the 3rd quarter of 2008, up 26% on the previous year. 2009 is likely to see this trend continue.
Insolvency does not just affect the company going bust; it can also affect all the companies that do business with it or have a stake in it. It can mean suppliers not getting paid; customers not receiving goods they have paid for; landlords not receiving rent; pension schemes facing funding crises; and shareholders losing their investment. The guide addresses each of these groups, setting out the issues they may face and looking at options to deal with them.
David Lacey, a finance partner at Stephenson Harwood, said: "2009 is going to be a tough year for everyone. Companies will have to contend with challenges, not just to their own business, but to other people's businesses too. If a key supplier, customer, tenant or investor becomes insolvent, it's not just their problem: it's yours as well. This guide provides useful, practical information on the impact of insolvency from a variety of perspectives and will help people become better equipped to cope with the impact of insolvency."
Contact
Rosemary Perrett
Communications manager
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+ 44 (0)20 7809 2888