Law firm Stephenson Harwood LLP, together with other insolvency experts, has advised The British Private Equity & Venture Capital Association (BVCA) in connection with seeking an insolvency law amendment, and its role appealing to the Government for the changes.

The BVCA, the trade association for private equity and venture capital in the UK, urged the Government, alongside other industry groups – including The Confederation of British Industry, The Institute of Directors and the Federation of Small Businesses – to ensure it took the appropriate steps so that businesses, that would otherwise be viable, are not placed into an insolvency process. The insolvency law amendments, which were announced on 28 March and which will be implemented retrospectively, are intended to enable companies to keep trading during the COVID-19 pandemic.

The changes to the law include a temporary suspension of the wrongful trading regime, as well as the introduction of a moratorium for companies and a regime to ensure the continuation of key supplies.

Stephenson Harwood head of restructuring and insolvency Sue Moore provided the advice.