Andrew Knowles Featured in FT Adviser Discussing Suspension of Wrongful Trading Measures Tue, Sep 29, 2020

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Andrew Knowles, Director in Duff & Phelps’ Global Restructuring Advisory practice, spoke to FT Adviser regarding new UK insolvency measures introduced under the Corporate Insolvency and Governance Act 2020, whereby the continuation of the temporary suspension of wrongful trading will significantly reduce the threat of personal liability for UK company directors. Andrew commented, “Although the suspension has significantly reduced the threat of personal liability, company directors must continue to be mindful of other considerations related to the continued trading of their businesses.”

He added, “Continuing to trade when there was no reasonable prospect of avoiding insolvency can have dire consequences, including personal liability for debts and trading losses.”

“Directors’ actions will remain subject to scrutiny, making it critical that they consider very cautiously whether to continue trading if there is not a realistic chance of their company avoiding insolvency,” he stated.

Read the full article here.

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