Plans to allow 'honest' bankrupts to be discharged after a maximum of one year are underway, says th...
Plans to allow 'honest' bankrupts to be discharged after a maximum of one year are underway, says the FT. This controversial policy is part of a radical shake up of competition and solvency law. It will allow bankrupts to keep £20000 worth of property assets if they can show they have invested a sufficient amount in a business they have abandoned.
Patricia Hewitt, the trade and industry secretary, is expected to publish white papers tomorrow on competition policy and insolvency practices as part of the preparation for an Enterprise Bill later this year. The paper includes proposals to reduce the ability of a single creditor, most of the time a bank, to put a company into administrative receivership. Banks are against this idea arguing it might make financial institutions reluctant to lend to companies.
British Airways is coming under pressure to decide on whether to press ahead with its plans to form a joint venture across the North Atlantic with American Airlines, notes the FT. State urgency was added by confirmation at the weekend that two key rivals, Air France and Delta Air Lines of the US, are to proceed with antitrust filing for a joint venture as early as September.
The Times reports that pleas from business for a rate cut in interest rates are to be ignored by the Bank of England's Monetary Policy Committee (MPC) on Thursday. Base rate was last cut by 25 basis points to 5.25% on May 10 after cuts in April and February. Sir Alan Budd, a former MPC member said, "There has been a great outburst of gloom but it's not clear that there are figures to support this."
Pension holders will learn this week whether their windfall payments will be taken into consideration when calculating losses in the Pensions Review, says the Daily Telegraph. The High Court will announce on Tuesday whether a challenge to the 1997 ruling by the Personal Investment Authority (PIA) that windfalls should not be deducted from compensation payments to 43000 pension holders has been successful.
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