Chamber of Commerce holds webinar on initiatives related to insolvency risk and support for directors

“The Malta Chamber is well aware that these unprecedented times necessitate a multi-faceted effort to support members on a number of levels,” said the President of the Chamber, David as he was opened a webinar on the subject of initiatives related to insolvency issues and support for directors and businesses.

Xuereb said that over the past weeks they have endeavoured to lobby Government at the highest levels on assistance for businesses to save jobs, the Chamber has helped businesses access support through Government agencies while continued to be close to businesses while truly and professionally voice their concerns at this time.

“Our efforts, however, did not stop there, as we have also sought to support the business community directly during these times,” noted Xuereb.

The Chamber President explained how on 1st April, the Chamber submitted a list of proposals to Government for supporting the business community, and for the Protection of Company Directors during these times of extraordinary pressures.

The proposals made by The Chamber included;

  • Enactment of legislation to ease the rules of insolvency
  • Enabling business owners to focus on salvaging their businesses without fear of eventually being accused of wrongful trading during these trying times

The Chamber had also argued that the Companies Act needed to be amended to render liquidations as efficient, quick and painless as possible, in order to limit liability on creditor claims directly related to COVID-19 and to give directors of these companies every fair opportunity for a second chance.

During the webinar, Xuereb said that Economy Minister Silvio Schembri sent the Chamber the draft amendments for its comments and as a Chamber, it has already provided feedback on the proposed amendments. David Xuereb also mentioned that these amendments were being considered positively during the debate in Parliament this week.

The webinar was also addressed by Dr Louis Cassar Pullicino, Managing Partner, Ganado Advocates and Dr Kevan Azzopardi, Official Receiver MBR, delivered a keynote speech on the recent amendments to the Companies Act.

If you want to be the first to receive the latest news on the coronavirus in Malta, download the Newsbook APP here.