Insolvency practices are starting to gear up for the anticipated downturn of the UK economy. US firms have been lobbying the UK Government to change the UK’s insolvency laws to parallel those in the US. This would mean a reduction in the power of customers and suppliers during administration.
The US firms are currently in the midst of a hiring frenzy when it comes to restructuring and insolvency lawyers. It is claimed, however, that in the UK there is a very limited number of lawyers considered to be at the top of the game. This means, while firms anticipate the economic downturn, there are not enough restructuring and insolvency lawyers to go round.
This Insolvency Special Report examines how global insolvency work is nevertheless migrating to English shores. In addition, the report looks at how the Tupe rules continue to scupper rescue bids and the rise of the turnaround fund.