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September 19, 2005
Eighty Eight Per Cent Of UK Distressed Businesses Are Ignorant About New Help Plan
Almost 90 per cent of UK business owners are ignorant of government legislation designed to save companies in distress, according to a new survey carried out by PWC. The professional services firm.
The Enterprise Act, designed to encourage a more forgiving culture for troubled companies, makes the priotity of administrators to rescue businesses rather than selling their assets.
Companies no longer need to hire a barrister but can send a fax to the High Court.
However, PWC's survey of 501 business managers found that just 12 per cent were aware of the rule change and how it could help companies in difficulty. Among companies with less than £100,000, fewer than one in 10 managers had heard of the Enterprise Act. Of those companies that were aware of the legislation, 25 per cent felt the new rules would not help.
David
Small Business Resource
Posted by David at September 19, 2005 5:08 PM
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