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It has been reported this morning that Carillion plc, the UK’s second-largest construction company and a key government contractor along with other group companies, have been unsuccessful in their discussions with stakeholders for a turnaround plan.
The latest revision to the Pre-action Protocol for Debt Claims (PAP) will come into force on 01 October 2017. The PAP applies to any business claiming payment of a debt from an individual and describes the conduct that the Court will expect from those parties prior to issuing a Claim Form.
The method in which the UK shall implement its ‘Brexit strategy’ has been regarded as a major factor in determining the future viability of many UK businesses.
The draft Pre-action Protocol for Debt Claims (PAP) was put out for consultation over two years ago and it would be safe to say that it caused significant concern in the credit industry. On Friday, the CPRC met and delivered these following findings.