Despite various business-saving measures, as the COVID-19 crisis continues, it’s increasingly likely that more businesses may confront the realities of insolvency. If your employer is unable to pay creditors it may have to enter a formal...
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On 20 May, the Department for Business, Energy and Industrial Strategy (BEIS) announced the new Corporate Insolvency and Governance Bill. The Bill presents a significant reform of the insolvency and corporate governance framework and introduces...
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Claims for financial support may be deemed fraudulent if the company was already in trouble when making claims and then later enters into an insolvency process. Insolvency practitioners (IPs) have been advised to remain alert to potentially...
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As part of the new measures to support business continuity through the COVID-19 crisis, the Government has temporarily suspended wrongful trading laws for company directors and proposes to introduce other emergency insolvency legislation to aid...
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Leading UK business groups and insolvency experts yesterday advised the Government to reconsider its plans to prioritise repayments to HMRC over repayments to other creditors in insolvencies from 6 April 2020. In a joint statement distributed...
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The Insolvency Service has released company insolvency statistics for Q4 September to December 2019 for England and Wales, showing an increase in underlying company insolvencies for the year to their highest levels since 2013. Main messages from...
Read more...The Government is looking to introduce fines and disqualifications for directors who allow their companies to go bust to avoid paying debts. One of the main reasons for the new rules is to stop ‘Phoenixing’. What is Phoenixing? Phoenixing is a...
Read more...As Philip Hammond delivered his third Budget as chancellor with his comment of the Era of austerity is "finally coming to an end”, as always, we see some winners and losers. One of the changes that will have a big impact despite not capturing the...
Read more...Overtrading is when a business takes on work and tries to complete the orders but finds that fulfilment requires greater cash, or further resources than are available. The reasons could be many, and can be unforeseen, rather than just attributing...
Read more...We recently reported how in our experience we have seen HMRC increasingly use its powers to pursue directors personally to recover revenue. Schedule 41 of the Finance Act allows HMRC to seek recovery of lost revenue personally from an officer of...
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