When the bounce back loan scheme was announced, some thought that the Government had not done enough to prevent fraudsters from getting their hands on cash they are not entitled to. The National Audit Office have estimated that there was the potential for taxpayers to lose around £26bn from fraud / non repayment. Fraudsters are […]
Recent research into store closures has confirmed that the pandemic has had a catastrophic effect on retailers. Although pre pandemic the retail industry was struggling with more and more people shopping online, post pandemic, from January to July 2020, around 11,000 shops closed their doors. The outlook for the future of the retail industry is […]
When it becomes apparent that a company is insolvent, a directors responsibility is to the creditors (the people the company owes money to) and not the shareholders or members. Directors must seek advice as soon as possible to minimise the risk of accusations of wrongful or unlawful trading once the company is in liquidation. The […]
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The Treasury has announced that debt collection letters are archaic as the rules that state warning letters should be written in bold type and / or capital letters have been in place since 1974. However, after a campaign by the Money and Mental Health Policy Institute, who have argued that in their current format these […]
Covid-19 has put a strain on HMRC in more ways than one and has affected the amount of tax investigations they can carry out. HMRC had to implement the Government support plans so tax investigations had to take a back seat and they carried out only half the amount of investigations than the same time […]
The UK Government has announced that new, harsher laws are to be introduced on pre-pack administration sales to connected parties to provide complete transparency for creditors and the general public. This decision comes after growing concerns have been raised regarding some pre-packs and the perceived negative impact they have on creditors. A pre-pack is a […]
The Corporate Insolvency and Governance Act (“the act”) contained important changes to corporate insolvency law, which helped companies through the Covid-19 Pandemic. The Act was set to last until 28 September, however some of the measures the Act put in place were extended and these are: Statutory Demands – extended until 31 December 2020 Ipso […]
The Finance Act 2020 is now law. One of the features of the Finance Act is that it introduces a new regime giving HMRC the power to issue notices to make directors of companies, together with shadow directors and certain others connected to a company, jointly and severally liable for the company’s tax liabilities. There […]
A recent case highlighted the need for the Court to determine which was the main residency of a bankrupt. In the matter of Brake and others b Swift and another [2020] EWCH 1810 (Ch), the trustee did not deal with one of the bankrupts properties within the 3 years, and asked the court to determine […]
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