The Average number of monthly corporate insolvencies across the UK prior to the Covid-19 crisis was approximately 1,500.  During the lockdown, the number of insolvencies across the UK have reduced significantly and in June there were only 732 corporate insolvencies.  This reduction is largely as a result of the support measures introduced by the Government. […]

The Corporate Insolvency and Governance Bill introduced new measures which were designed to assist companies facing financial difficulties and the measures are particularly useful diring the Covid-19 crisis. One of the measures is ‘statutory demands and winding up petitions’.  The Bill aims to help struggling businesses by temporarily removing the threat of winding-up proceedings where […]

From Friday we will have to wear masks in shops! If you would like a free RNB mask, just click and connect with Stella and she will send you one.

The Corporate Insolvency and Governance Bill introduced new measures which were designed to assist companies facing financial difficulties and the measures are particularly useful during the Covid-19 crisis. One of the measures is ‘suspension of wrongful trading’.  The Bill will temporarily remove the threat of personal liability arising from wrongful trading for directors who continue […]

A businessman from the West Midlands is thought to be the first to be arrested on suspicion of a £495,000 furlough fraud. All his assets have been seized and his bank account frozen whilst HMRC look into his business.  He is also suspected of a multi-million pound tax fraud and money laundering offences. HMRC report […]

This is a reminder that the Finance Bill 2019-20 (FB) is currently progressing through Parliament and it is expected to receive Royal Assent either later this month or in August. One of the interesting features of the FB is that it introduces a new regime giving HM Revenue and Customs (HMRC) a power to issue […]

The Corporate Insolvency and Governance Bill received royal assent on 25 June and is now an Act. The third of the new measures is Restructuring plan.  This will support viable companies struggling with debt obligations to restructure under a new procedure.  It allows courts to sanction a plan that binds creditors to a restructuring plan […]

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 […]

We are all aware of the effects of Covid-19 on us but recent research shows the impact that Covid-19 will have on businesses.  The research predicts that as many as 1 in 4 SME businesses will fail. Many businesses in the retail / tourism sector are particularly susceptible given the lockdown and social distancing measures […]