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New Insolvency Rules

CORPORATE INSOLVENCY AND GOVERNANCE BILL The Corporate Insolvency and Governance Bill (“the bill”) contains important changes to corporate insolvency law. The Bill is designed to help companies maximise their chances of survival, protect jobs and help the economy recover in response to the Covid-19 crisis. The Bill has had its first reading in Parliament and […]

HMRC Time To Pay (‘TTP’) Update

TAX UPDATE HMRC have kindly informed R3’s tax working group of their current position with regards to Time To Pay (‘TTP’) proposals and the collector’s position on interest and penalties. HMRC – TTP proposals A TTP proposal should be made in writing as it allows those submitting the opportunity to provide as much supporting detail […]

Buried under a £105 bn debt mountain

The Recapitalisation Group, a panel of City bankers set up at the behest of the bank of England, estimates that SME businesses will be left with £90-£105 bn of unsustainable debt by March 2021. Many SME businesses have made use of the much needed government support which has aided them through the Covid crisis by […]

Government announcement on 28 March 2020 on proposed changes to UK insolvency laws to combat the economic consequences of the Covid – 19 Health Crisis

On Saturday, 28 March 2020 at the No 10, Downing Street daily Covid – 19 Health Crisis media briefing, Alok Sharma, Secretary of State for Business, Energy and Industrial Strategy, announced that the Government will bring into law in “the coming weeks” changes to the UK insolvency laws to help struggling British businesses stay afloat […]

Thought for the day – day 2

Amidst all this uncertainty, here is my thought for the day. Keep yourself safe and your business safe and stay ………….. S – self isolate – DO IT A – Avoid others if you do have to go out, remember the 2m rule F – friends & Family – ring, skype, facebook, whatsapp etc, keep […]

Thought for the day – Day 1

Amidst all this uncertainty, here is my thought for the day. Keep yourself safe and your business safe and………. W – WAIT – do not make hasty decisions E – ENGAGE – talk now with financial stakeholders L – LISTEN – find out what Government assistance there is for your business L – LEARN – […]

Coronavirus – help from the Government

We have seen a few business casualties of the virus already and expect to see more over the coming weeks / months. The Government has promised to do ‘whatever it takes’ to support the economy. Full details of the measures already in place can be found at https://www.gov.uk/government/organisations/hm-treasury This is a start but lets wait […]