New Insolvency Rules

The Corporate Insolvency and Governance Bill received royal assent on 25 June and is now an Act. The second of the new measures is Ipso Facto (Termination) Clauses.  When a company enters an insolvency or restructuring procedure, suppliers will often either stop or threaten to stop supplying the company.  The supply contract often gives them […]

For Sale – Industrial Property

£285,000 – offers invited 15 Church Road Martin Dales Woodhall Spa LN10 6XZ Good quality office accommodation wth good sized rear yard and separate storage Off street Parking Immediately available Close proximity to Woodhall Spa and Lincoln Enquiries to Chris Hyam, 01482 296691 or Paul White – 01482 312366

Travelodge to propose another CVA!

Hotel chain Travelodge are in the process of proposing another Company Voluntary Arrangement (CVA) to its creditors who will vote on the CVA on 19 June. The CVA is aiming to vary the terms of the leases.  Travelodge has refused to pay its second quarter rent and the CVA will see the rents for some […]

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 […]