Are face to face meetings still necessary?
Richard Wolff, North West regional chairman of insolvency trade body R3 and head of Corporate Recovery and Insolvency at JMW Solicitors, gives his views. He said: “Our experience shows that in some situations it is still more effective to sit down around the table to sort matters out. Where a business has collapsed owing money to suppliers, holding a meeting with those creditors can help clarify the situation and even bring to light any wrongdoing by directors. It’s surprising then that the government is about to restrict physical creditors’ meetings like these under the Small Business, Enterprise, and Employment Bill. It wants them replaced by ‘virtual meetings’. However, given that 45,000 small businesses have no access to broadband, this would result in many of them being ‘locked out’ of the insolvency process.”