The publication of the Insolvency White Paper on 31 July confirms the Government’s previously stated intention of reforming the insolvency procedures used in England and Wales in order to shift the existing balance of power between secured and non-secured creditors.
In most cases, administrative receivership is set to be replaced by a revised administration procedure in which the interests of all creditors (including unsecured creditors) will be considered and which will be subject to the overview of the court in a more public and transparent process.
