Budget 2012: Reaction From Corporate Recovery Specialist Expert Calls For More To Be Done On Business Rescue 22.03.2012 An insolvency expert at Irwin Mitchell has given his views on the measures outlined in the Budget 2012.Andrew Walker, chair of R3 in Yorkshire and corporate recovery partner at Irwin Mitchell’s Leeds office, said that more could potentially have been done to support business rescue.He explained: “Strong and stable economic growth are the principles that should underpin the budget. However, as unemployment remains high and consumer confidence is low, recovery is yet to materialise. R3, the insolvency trade body, believes the Government can do more to support economic growth through business rescue.“The economy will only recover if we have strong businesses to support it. There are a number of ways that the Government can continue to improve the UK’s business rescue regime, therefore helping viable businesses to survive and provide a much needed boost to the economy. “For example, we would like the Government to address the harm caused by suppliers demanding ‘ransom payments’ in an insolvency situation. We believe a small change to the Insolvency Act, preventing suppliers from ceasing supply or changing contractual terms, could save up to 2,000 businesses a year, a 14% reduction in liquidations and increased returns to creditors, including HMRC. “In 2011, there were 23,728 corporate insolvencies across the UK. Evidence from previous recessions suggests that insolvency numbers will begin to rise as the economy starts to recover. Given the unstable economic climate and the number of businesses on a knife edge, it is vital that the business rescue culture is fit for purpose and Insolvency Practitioners can rescue viable businesses wherever possible.” Press contact Dave Grimshaw Press Officer 0114 274 4397 Email Dave Tags Insolvency Corporate Recovery Andrew Walker Leeds Related articles 20.03.2019Government Issues Recommendation for Leasehold Reform 15.03.2019Irwin Mitchell Recruits Hundreds Of Volunteers For Red Nose Day 2019 15.03.2019Irwin Mitchell Scoops Hat-trick At Birmingham Law Society Legal Awards 13.03.2019Sheffield City Region Launches Global Innovation Corridor At MIPIM 2019 08.03.2019Irwin Mitchell Launches Women in Law Timeline 05.03.2019Does A Rest Break At Work Have To Be Continuous?