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Review of insolvency framework in the light of the experience of the MG Rover collapse

Review of insolvency framework in the light of the experience of the MG Rover collapse. Tim Mocroft. 12 July 2006. Introduction. The report why and how Why large scale collapse opportunity to observe impact lessons on areas for improvement Policy implications How

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Review of insolvency framework in the light of the experience of the MG Rover collapse

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  1. Review of insolvency framework in the light of the experience of the MG Rover collapse Tim Mocroft 12 July 2006

  2. Introduction • The report why and how • Why • large scale collapse • opportunity to observe impact • lessons on areas for improvement • Policy implications • How • Interviews with main players • Conclusions/recommendations based on narrow view

  3. Issues raised • General • Speed of collapse • Ransom payments • Employee problems • Pre packs • The VAS • Retention of title claims • Advantage Transition Bridge fund • Government support • Others

  4. Recommendations • Could UK insolvency law to do more to buy companies time? • Limited obligations on suppliers to continue to supply • Enter insolvency before becoming insolvent • Review of special circumstances defence • Change pre packs to make more open and transparent

  5. Recommendations (Cont’d) • Change voting rights on CVAs • ROT claims • protocol for Administrators, • awareness for Creditors • Bridge funds trial required • VAT, PAYE, NI help systematised • VAT regime for bad debt relief reviewed

  6. Company rescue US v’s UK

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