Blackmore Bond Given Lifeline By Government? More Delays to Repayment?

By J Drew -

Has Blackmore Bond been given a get out of jail free card?


At the daily Government press conference on 28th March 2020 it was announced that the rules relating to insolvency and business failures were being relaxed to help support businesses through the Coronavirus pandemic. While this is clearly welcome to help protect jobs and assist companies through the current financial storms as a result of the surge of infections it also looks like it could mean Blackmore Bond can use it to further delay their payments to investors and continue to avoid any process that involves the company going into administration.

Blackmore Bond Saved By Government?

https://www.itv.com/news/2020-03-28/coronavirus-business-help-insolvency-alok-sharma/

Probably the aspect of most concern for investors in Blackmore Bond is the temporary suspension of wrongful trading provisions for company directors to remove the threat of personal liability which is backdated to 1st March 2020.

There is no further detail as yet on the government website but any measures to help one set of businesses could very easily be misused by another group so it will be worth watching to see if Blackmore Bond try to use any of these revised provisions to avoid scrutiny and prevent investors from being able to force the directors to pay back their investments or interest owed.

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