BUSINESSES in Bolton experiencing financial difficulties will have more chance of survival as a result of the Enterprise Act 2002.
The new law which came into force in September changes key elements of insolvency law.
Until now directors of companies experiencing difficulties often had no other option than putting the company into liquidation.
From now on companies will have the option to enter into administration for a maximum period of 12 months, where the priority is to rescue the company.
It is hoped that the new legislation will make it easier for companies, in particular SMEs, to get through financial difficulties.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereComments are closed on this article