In Encompass Corporation’s latest LASPO survey for the UK insolvency industry, 94% of legal and insolvency professionals said that businesses should be more careful when entering into contracts.

One in three said that over 40% of claims would not proceed due to the lack of funding.

Changes to the rules under the Legal Aid, Sentencing and Punishment of Offenders Act 2012 (LASPO) could have an unexpected impact on creditors as lawyers warn that sub £100,000 claims against companies entering administration are unlikely to go ahead due to greater protection for directors of dissolved businesses – Read more below:

SMEs warned to tighten up contracts with suppliers

Changes to the rules under the Legal Aid, Sentencing and Punishment of Offenders Act 2012 (LASPO) could have an unexpected impact on creditors as lawyers warn that sub £100,000 claims against companies entering administration are unlikely to go ahead due to greater protection for directors of dissolved businesses

The LASPO survey results:

To receive a copy of the survey results, simply enter your email address and we will send them to you.

 

View the LASPO results infographic here


about encompass

Founded in 2011 by entrepreneurs Roger Carson and Wayne Johnson, and operating from the UK, encompass is the creator of unique, innovative Know Your Customer (KYC) software for banking, finance, legal and accountancy that enable better, faster commercial decisions. The company is driven by the belief that the best decisions are made when people understand the full picture.

want to turn regulation compliance
in to a competitive advantage?

 

Contact us today to arrange your personalised consultation of encompass. Discover how our KYC automation software can help your business accelerate onboarding and give you peace of mind that you are regulator ready.

 

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