Review the bankruptcy/administration system for corporations

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Petition Action

Review the bankruptcy/administration system for corporations

Petition Details

I would like the Government to review the system of bankruptcy and the process of entering liquidation. I believe that, whilst Administrative Protection (under the Insolvency Act 1986) was rightly designed to protect businesses and creditors, the system is now being abused.

Additional Information

I believe that the system of acquiring a business and placing it into administration is being abused. Employees made redundant can then have to rely on the taxpayer to cover their redundancy payment through the Redundancy Payments Service. UK landlords can be left with rent unpaid, and UK suppliers left with monies owed. We call for urgent action to protect our taxes.

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