FILE PHOTO: Britain’s Secretary of State for Business, Energy and Industrial Strategy Alok Sharma is seen outside Downing Street, as the spread of the coronavirus disease (COVID-19) continues, in London, Britain March 17, 2020. REUTERS/Henry Nicholls
March 28, 2020
LONDON (Reuters) – Britain will ease the regulations for stricken businesses to help them survive the coronavirus crisis, including simplifying the insolvency system to keep companies trading, Business Secretary Alok Sharma said on Saturday.
“Our overriding objective is to help UK companies which need to undergo a financial rescue or restructuring process to keep trading,” he said.
“These measures will give those firms extra time and space to weather the storm and be ready when the crisis ends, whilst ensuring that creditors get the best return possible in the circumstances.”
(Reporting by Guy Faulconbridge and Paul Sandle)
