Companies (Rescue Process for Small and Micro Companies) Bill 2021

Public bill · Government · Presented

Creates a cheaper, faster rescue route for small and micro companies that are struggling to pay their debts, so they can try to stay in business instead of going straight into insolvency. A qualified process adviser would assess whether the company has a real chance of survival, help draw up a rescue plan, and deal with creditors, contracts and court approval where needed. It also adds safeguards and penalties for false statements, hidden information and improper conduct, while giving employees and creditors notice and a chance to be heard.

Formal long title

Bill entitled an Act to amend the Companies Act 2014 to provide, in certain circumstances, for a rescue process for small and micro companies which are, or are likely to be, unable to pay their debts; and for related matters.

Last updated 11 September 2024