A NEW Government White Paper on the subject of Insolvency has been welcomed by the North-west federation of Small Businesses.
Patricia Hewitt, Secretary of State for Trade and Industry, announced the white paper proposals that, it is hoped, will help both small businesses in trouble as well as those connected to them.
The main points of the proposals include allowing bankrupts who are not dishonest or reckless to be discharged within 12 months rather than the current three years. For those who are dishonest there will be a new restriction order lasting for between two and 15 years.
Paul Henly, policy development officer in the North -west, said: "The stigma of bankruptcy has been around for far too long and where it is obvious that the bankrupt has fallen on hard times through sheer bad luck, it is only right that they be allowed back into the system to contribute commercially."
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