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Follow on Google News | Insolvent companies face trading uncertaintyConfusion over the payment priorities of administrators of collapsed businesses is resulting in job losses and company liquidations, insolvency practitioners have warned.
By: Griffin and King While administrators are typically liable for certain trading costs as a priority, including staff wages, recent court rulings have also included a much broader set of liabilities, including pensions. R3 said insolvency practitioners are responding to the uncertainty by closing companies "meaning creditors lose out and jobs are at risk". The body is calling for legislation to clarify administrators' responsibilities. R3 president Frances Coulson said: "Paying out an undetermined range of costs as a priority makes deciding to risk trading a business significantly more expensive and in many cases impossible. http://www.griffinandking.co.uk/ Article sourced from: http://www.telegraph.co.uk/ # # # Griffin and King are a leading firm of Insolvency Practitioners within the West Midlands with offices covering Dorset, Hampshire, Shropshire and Mid Wales End
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