Hi all,
Further to the blog on our site about Call for evidence from the EU Commission regarding insolvency and business failure, I wonder if any members who don’t want to go through the lengthy process of completing the whole document, would be happy to contribute to a collective one? The more examples we can give the Commission of how the entire process is being manipulated by misconduct in the financial industry, the better.
In particular I am trying to evidence how abuse by elements of the financial sector followed by the complicity of elements of the IP sector are the key causes of insolvency – and the Commission must look at this if it is to find the best ways forward. On the face of it many of the recommendations seem positive but for the big pink elephant in the document which the Commission appears to ignore – i.e Why do so many SMEs end up insolvent and in administration after banks impose financial products and restructuring policies on them?
So if those members who have direct experience of banks first destabilising their business, then using the so called ‘restructuring’ process before finally handing the businesses over to IPs who, in some cases, allow lenders to acquire (some might say steal) SME assets, I would be grateful for your contribution to the submission.
If your business has been the victim of:
GRG
Other so called ‘Restructuring’ divisions of banks
IRHP or other financial products that destabilised your business including EFG/SFLG
IPs (in your view) collaborating with banks to take your assets
Misconduct by IPs or LPA Receivers
and if you are happy to send a one or maximum two page summary of this, please let me know?
No great rush (don’t want to ruin anyone’s Sunday) but this is a very important opportunity for us to present a clear example of our collective experiences. So I would rather take time and get it right than rush something out and I will let all contributors comment on the document before sending it to the commission. But it would be good to know how many examples we can give. So please get back to me if you are happy to contribute and please send your summary over the next week if possible.
If you would rather submit your own evidence, here’s the link again:
For anyone reading this who isn’t a member of SME Alliance but also wants to contribute, please do join us and become a member. http://www.smealliance.org/join-us.html Add your voice to getting a level playing field for SMEs.
Many thanks
Nikki
SME Alliance Bulletins 