ICAS Written response to IS Call for Evidence on EC Reccommendations
ICAS's response to The Insolvency Service (the Service) call for evidence in relation to the European Commission Recommendation on a new approach to business failure and insolvency.
Response to IS call for evidence on EC recommendations
We are supportive of the principles and objectives underpinning the EC Recommendations.
We consider that the current UK regime supports the policy objectives of the EC Recommendations although there are areas where we consider that further amendments could be made to UK insolvency legislation to strengthen this support. These areas are expanded on within our detailed response.
We consider that the definitions used within the Recommendations could be made clearer in order to avoid potential unintended consequences and to provide greater clarity to the scope of the Recommendations.