As part of its desire to create and develop a more business friendly culture the UK Department of Trade and Industry has proposed a new approach to be taken towards failed new businesses.
Under current bankruptcy law most directors of bankrupt businesses lose their personal assets and are disqualified from becoming a director of a limited company for up to three years.
The Government now feels that such an approach discourages people from starting and developing new businesses and has proposed a number of new measures aimed at countering this:
