More on Provisional Supervision and Insolvent Trading
by: Stephen Briscoe
The administration has now embarked on another round of consultations on the proposed corporate rescue bill and the sense is that there is a real commitment on the part of the government to push through with its implementation after two previously unsuccessful attempts.
There remain a number of areas for discussion, including that of personal liability for provisional supervisors, who can act as a provisional supervisor and what constitutes a major secured creditor in situations where there may be a number of secured creditors. However, the important issue is that there appears to be the political will to push forward with its implementation.
The administration is proceeding with further consultations with various groups of stakeholders with a view to the draft legislation being put before LegCo, presumably in the hope that it will be passed before the end of the current LegCo session in 2016.
More on this as it happens.