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Has your business assessed whether it can un-lock? The results from our UK on-line tool suggest many have not

Our new on line “Unlocking the Lockdown” tool looks at the next steps that may need to be considered by businesses across the UK as the country slowly navigates out of lockdown. As of 18 May 2020, our team has communicated with over 200 businesses to see what their next steps are and have concluded … Continue Reading

Covid-19: CBILS and CLBILS – How Many More Hurdles for UK Private Equity?

On Tuesday, the Government announced new statistics showing that as at 10 May over £14 billion in loans and guarantees have been approved across the new Bounce Back Loan scheme, the Coronavirus Business Interruption Scheme (CBILS) and the Coronavirus Large Business Interruption Loan Scheme (CLBILS). This significant amount of Government support to British business, revealed … Continue Reading

Life After Lockdown: Preparing and Shaping UK Businesses

After 2 months of lockdown last Sunday the UK Prime Minister announced the conditional plan to get employees who cannot work from home back into the workplace and the framework within which the we may take tentative steps to increase societal connections. On Monday the UK Government published its 60-page Covid-19 Recovery Strategy dealing with … Continue Reading

The Statistics Paint A Bleak Future For UK Businesses

As the world remains in lockdown, the Coronavirus pandemic continues to affect almost every business, impacting profits, customer interaction and ultimately threatening the survival of many businesses. New studies have begun to show the impact of the national lockdown on the UK’s business community. The Opinium-Cebr Business Distress Tracker (the “Tracker”), created by the Centre … Continue Reading

UK: Managing Distressed Customer Relationships

What should you do if another business (i.e. a supplier, customer or other contract counterparty) is suffering distress and may be considering filing for insolvency? This alert provides several “do’s” and “don’ts” to consider before and after insolvency and advises taking a proactive approach to dealing with distressed customers.… Continue Reading

UK FAQs: Furloughing and Administration – Key Considerations for Administrators

It is not entirely clear how the UK Coronavirus Job Retention Scheme operates in line with current UK insolvency legislation, although it is clear that administrators can use the scheme and furlough employees. We have produced an alert that answers some of the key questions for administrators looking at whether employees should be furloughed or … Continue Reading

Quick Guide and On-Line Tool: Unlocking UK Businesses

Organisations need to understand how they can prepare ahead of the UK government preparing to bring the country out of lockdown, while not necessarily knowing the timescales or details of how restrictions will be lifted, or in what order. We have prepared a  quick guide  to help UK businesses start to think about some of … Continue Reading

Is Presenting A Winding Up Petition Too Much Of A Risk (UK)?

Further to our blog about measures announced by the Government to protect commercial tenants from “aggressive” rent collection strategies, the Government subsequently confirmed that the restrictions will apply (unless extended) from: 27 April 2020 to 30 June 2020 for presentation of winding-up petitions; and 1 March 2020 to 30 June 2020 for statutory demands. However, … Continue Reading

UK Business Extremes of Covid-19

The coronavirus (Covid-19) pandemic and the measures introduced by the UK government to halt the spread of the contagion have inflicted an unprecedented shock to the UK labour market. Social distancing and lockdown measures have resulted in many non-essential stores having to close temporarily and/or stop trading to minimise gatherings and the spread of the virus. The … Continue Reading

Furloughed Employees and Insolvency: the Decision in Debenhams (UK)

Our recent blog discussed the decision in Re Carluccio’s Limited (in administration) [2020] EWHC 88D (Ch) where the Court considered whether administrators would “adopt” the employment contracts of employees they furloughed after the 14 day grace period.  More recently, in the case of Debenhams Retail Limited the Court had to consider the position of administrators … Continue Reading

Bouncebackability – UK Government Unveils Latest Coronavirus Loan Scheme Variant For Smaller Businesses

In a statement to the House of Commons on 27 April 2020, the UK Chancellor of the Exchequer announced another loan scheme designed to support business to ‘bridge’ the economic disruption caused by the Covid-19 pandemic. Sitting alongside the CCFF, CLBILS and CBIL, the new scheme is targeted at the very smallest businesses that have … Continue Reading

UK Government proposes measures to curb “aggressive” rent collection strategies

At the end of March, the Government introduced measures providing a moratorium on evictions for commercial tenants for non-payment of rent until 30 June 2020. Although landlords were unable to evict tenants, there was no automatic rent holiday and tenants still remained liable to pay rent, which prompted many commercial discussions between landlords and tenants … Continue Reading

Knowing your Focaccia from your Furlough – the UK Court serves up some clarification about furloughing employees where the company is in administration

The High Court has delivered the first decision on the Coronavirus Job Retention Scheme (the “Scheme”), in the context of the Carluccio’s administration. As we have previously discussed, despite further clarification from HMRC over recent days, there remain some unanswered questions regarding the detailed operation of the Scheme, given that the Scheme’s exact legal framework … Continue Reading

What do the statistics say about the impact of Covid-19 on UK businesses?

As the UK enters its fourth week in lockdown, the financial impact of the coronavirus (COVID-19) has begun to materialise for many businesses. To support individuals and businesses moving forward and to assist them in producing contingency plans, the Office for National Statistics, one of UK’s largest independent producer of official statistics, has provided a … Continue Reading