It has been reported that some 10% of restaurants will not re-open post Covid with many having taken advantage of the Government support schemes. The leisure industry has also been badly hit and it is calling for more support after a year of having no income. Even though restaurants can now re-open, it will be […]

A West Yorkshire couple have been arrested on suspicion of fraudulently claiming £3.4m furlough support along with a suspected multi million pound tax fraud. The Government have set aside an unprecedented fund of £100m to tackle suspected Government Support Schemes fraud including furlough as employers claimed more than £61bn through the scheme. For more information […]

Our weekly roundup email this week deals with the options for paying back Bounce Back Loans and the new powers the Insolvency Service have been given to tackle unfit directors of dissolved companies. if you are not on the mailing list and would like to be, just let me know For more information on bankruptcy, […]

It has been confirmed by the Government that the ban on evictions, which was put in place because of the pandemic, will be lifted at the end of this month. Eviction notice periods will be four months from 1 June. This has been a balancing act for the Government as on one hand there has […]

A recent case, Re Arise Networks Limited Official Receiver v Obaigbena The court was asked to disqualify the director of Arise when the Official Receiver found that the company had been run on loans and with no regard to the position of the creditors. The director was disqualified for seven years. For more information on […]

Just a reminder that the legislation concerning sales to connected parties in pre-pack situations is now in force. The legislation includes provisions to refer any such sale to an independent evaluator who will inspect / sanction the transaction. Alternatively, the administrator could also seek creditor approval should the sale take place withing 8 weeks of […]

Citizens Advice and other debt advice charities are getting increasingly concerned over the buy now pay later (bnpl) culture that is now being offered by many high street stores. It is reported that around 45% of 18 – 34-year olds have used this payment option over the last 12 months. Firms make it easy by […]

After the resignation of two of its law firms, it seems that Essar Oil UK is in trouble. The firm owns Britain’s second largest oil refinery and supplies around 16% of the countries transport fuels. In addition, Lloyds Banking Group’s covenant waiver expired at the end of last month meaning that Essar will have to […]

Fashion retailer Peacocks, another high street victim of the pandemic, went into administration late last year. It was hoped that a buyer would be found pre administration but the deadline passed and no buyer was found. However, in a deal done with the administrators, one the senior executives of the former owner has bought the […]