Landlords and tenants have both had their own struggles with paying or recovering rent during the COVID-19 pandemic. Rent arrears accrued during 2020 as sectors, such as retail and hospitality, remained closed for a large part of the year and in an effort to support businesses get back on their feet, landlords were prohibited from … Continue Reading
2021 remains challenging for many businesses, and uncertainties about the future make it imperative for UK businesses to identify and address potential risks to their business now. We have updated our Assessing Your Business Viability and Director Risk Guide to assist UK businesses with identifying those risk areas. Our guide covers cash flow considerations, financial … Continue Reading
Our latest updated guide setting out the financial support measures available to businesses across Europe and the Middle East is now available here. This updated guide includes includes changes from Germany, Italy, Czech Republic, Slovakia, and the UAE.… Continue Reading
On 26 November 2020, The Corporate Insolvency and Governance Act 2020 (Coronavirus) (Suspension of Liability for Wrongful Trading and Extension of the Relevant Period) Regulations 2020 (the “Regulations”) came into force. The Regulations have exactly the same impact as the suspension of liability for wrongful trading that was brought into force by the Corporate Insolvency … Continue Reading
The Government has issued what we might hope will be the final piece of the jigsaw on the latest extension to the Coronavirus Job Retention Scheme (CJRS) – the Treasury Direction (TD4). TD4 sets out the law that will govern the extension of the CJRS (at least until 31 January 2021) and formally withdraws the … Continue Reading
Late on 10 November 2020, the UK Government published detailed guidance on the extension to the Coronavirus Job Retention Scheme (CJRS). As expected, the guidance largely reflects what was contained in the policy paper and is broadly the same as the last CJRS guidance. Our employment colleagues have produced an updated alert and quick guide … Continue Reading
As you will have seen in recent announcements, the government is now: Extending the Coronavirus Job Retention Scheme (CJRS) until 31 March 2021. Postponing the Job Support Scheme (JSS), possibly indefinitely. Scrapping the Job Retention Bonus (JRB), but this will apparently be replaced by another “retention incentive at the appropriate time”. Businesses that have spent … Continue Reading
On Friday, October 16, 2020 we hosted a webinar along with the American Bankruptcy Institute, that featured a distinguished panel of professionals, including former Speaker of the US House of Representatives John Boehner, former Congressman and Chairman of the Democratic Caucus Joseph Crowley, former Congressman Bill Shuster, former Secretary of Transportation Rodney Slater, Karol Denniston … Continue Reading
The Chancellor of the Exchequer, Rishi Sunak, delivered the government’s ‘Winter Economy Plan’ on Thursday, 24 September 2020. Set against a marked deterioration in data tracking the spread of coronavirus in the UK signalling a worsening of the health crisis, the statement was afforded heightened importance by the postponement of the Autumn Budget. Given the … Continue Reading
On Tuesday 22 September, we hosted our Resetting Retail: Response to COVID-19 event. Our panel of experts, comprising Matthew Lewis, Head of Retail; Richard Lim, Chief Executive, Retail Economics; Paula Laird, Financial Services partner; and John Alderton, Restructuring & Insolvency partner, explored the viability, sustainability and recovery of UK retail as we head towards the … Continue Reading
In a series of blogs, we will be reflecting on how the coronavirus disease 2019 (COVID-19) has affected local economies and businesses considering the impact of lockdown, how businesses have fared during the pandemic, whether support from the government has helped protect against business failure, which sectors have been hardest hit by the pandemic and … Continue Reading
Many local, national and global businesses with UK operations have been significantly impacted by the coronavirus (COVID-19) pandemic. Cash flows have been impacted, trade and supply chains disrupted and business and consumer confidence damaged. Many businesses are facing the same challenges at the same time. The key for businesses to resetting for the “new normal” … Continue Reading
We have updated our guide setting out the financial support measures available to companies with updates from: Germany Slovakia Click here to access the updated guide.… Continue Reading
We have updated our guide setting our the financial support measures available to companies with updates from: Czech Republic France Slovakia Spain UAE Italy Click here to access the updated guide.… Continue Reading
We have updated our guide setting our the financial support measures available to companies with updates from: EU Germany Italy Poland UAE Click here to access the updated guide.… Continue Reading
Our quick guide, “Preparing for the “New Normal” – Key Points for Australian Businesses to Consider” focuses on key issues for Australian businesses to consider in determining their viability as Australia continues to “unlock”. This guide considers a range of issues, including: Cash flow and financing Supply and demand Employee considerations Operational costs Directors’ duties … Continue Reading
We have updated our guide setting our the financial support measures available to companies to introduce a traffic light system to show the current status of these measures and with updates from all jurisdictions covered by the guide . Click here to access the updated guide. … Continue Reading
Our financial health roadmap sets out key dates that UK businesses should factor into future forecasting and planning over the coming months. In particular, it highlights when temporary financial or other support offered by the UK government and HMRC will be tapered or come to an end, and changes in law or policy that may … Continue Reading
Since late March 2020 there has been a steady stream of voluntary administrators seeking the assistance of the court to limit their personal liabilities under the Corporations Act (Cth) 2001 (Act) by pointing to the social and economic disruptions and restrictions caused by COVID-19. Administrators have always had the option of seeking the court’s assistance … Continue Reading
The Corporate Insolvency and Governance Act 2020 (the “Act”) came into force on 26th June 2020. Alongside the Act, a new Insolvency Practice Direction (“IPD”) came into force and provides additional information in respect of winding petitions and the “coronavirus test”. This blog will look at a few of the key changes contained in the … Continue Reading
Following our webinar discussing the impact of the Corporate Insolvency and Governance Act 2020 for corporates, we have prepared a question and answer sheet addressing questions raised including: Does ipso facto apply to just UK contracts? Can a supplier still exercise set off rights if its customer enters into a moratorium? What should a supplier … Continue Reading
We have updated our European & Middle Eastern Government Financial Support guide, which sets out what financial support businesses in different jurisdictions could access to help manage financial distress caused by Covid-19. We have updated this with new details for: France Czech Republic Italy Slovakia To access the updated guide – click here … Continue Reading
Our guide sets out how different jurisdictions are changing their Insolvency Laws to help alleviate additional pressures placed on businesses as a consequence of cash flow pressures caused by COVID-19. We have updated our guide to include further changes to insolvency laws in the UK, Poland and Italy.… Continue Reading
We have updated our European & Middle Eastern Government Financial Support guide, which sets out what financial support businesses in different jurisdictions could access to help manage financial distress caused by Covid-19. We have updated this with new details for the Czech Republic, France, Italy, Germany, UK and EU. To access the updated guide – … Continue Reading
