These include provisions for a moratorium on creditors' actions to give a breathing space for voluntary arrangements to be agreed. The hearing next month will take evidence from the Department of Trade and Industry and 'several of the expert bodies in this area'. But the committee has already stated in its report on small business and enterprise: 'We counsel caution in tinkering with insolvency law in an attempt to change the prevailing cultural attitudes, and in producing proposals for change, grounded more on perceptions than on analysis of real events.' The report said: 'We discussed the US procedure under chapter 11 of the US law, which gives companies protection from creditors under court supervision. Most such firms still go bankrupt, particularly SMEs, although there have been remarkable rescue operations.' The MPs pointed to the introduction of voluntary arrangements under the 1986 Insolvency Act following the review conducted by Sir Kenneth Cork.
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