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BankruptcyNews
Junior Member
358 Posts |
 Posted - 10 August 2007 : 12:31:07
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Businesses harden attitudes towards bankrupts
Businesses remain hostile to bankrupts despite Government attempts to encourage honest entrepreneurial failures to be viewed in a positive light.
Research by the Insolvency Service has found that more than 70pc view bankrupts negatively and will only trade with them on less generous financial terms.
Firms that personally know a bankrupt are now more likely to believe that they should never be allowed to resume trading, representing a significant hardening of attitudes in the last two years.
Most firms without first-hand contact with a bankrupt believe they should be discharged after three years, far longer than the current one-year regime introduced by the 2002 Enterprise Act.
Bankrupts feel more harshly treated by friends, family and business partners than they did two years ago.
The findings, drawn from interviews with bankrupts, sole traders and individuals, suggest the Act, which aimed to alleviate the stigma of bankruptcy and promote serial entrepreneurship, has not yet done so.
The research will form part of the Insolvency Service's final evaluation of the impact of the legislation, which is due later this month.
The Tories said the findings showed the limits to direct government intervention and the need for a longer-term plan. Mark Prisk, the shadow enterprise, deregulation and competition minister, said: "Labour just has not learnt that legislation does not change people's attitudes. Legislation has to be part of wider reform. We should have a more 'can-do' culture. But the answer is not the passing of more pieces of paper."
Nick Hood, a senior partner of insolvency specialist Begbies Traynor, said he had not noticed any change in attitude among entrepreneurs towards bankruptcy.
But he said it had coincided with a "seismic shift" in the attitude of banks to the way they handle business customers that get into financial difficulty. "Banks are much, much better at spotting when a customer has problems and are prepared to say to them 'we think you need help'," he said.
Source: telegraph.co.uk
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king2163
Junior Member
170 Posts |
Posted - 22 August 2007 : 10:43:57
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Businesses harden attitudes towards bankrupts
