Tag Archives: insolvency

Changes to the UK Government financial measures mean more small and mid-tier businesses can benefit

In our previous blog we reported on the lack of funding that the UK Government financial support measures provided to mid-tier businesses – leaving many unable to benefit from much needed funding to help with cash flow and liquidity issues. Many smaller businesses were also unable to qualify for support. Today the Chancellor has announced changes … Continue Reading

What UK tax measures and announcements have been made to date?

This note provides a more detailed look at what tax measures and announcements have been made to date covering: VAT, self assessment income tax, time to pay, non-statutory clearances, pension schemes, statutory residence test, stamp duty (transfer of shares and applications for group relief). It also highlights other measures that we could see to address the … Continue Reading

Administrations to the rescue: how can the UK insolvency regime help save businesses and save jobs

The ILA Technical Committee, in conjunction with the CLLS, has produced the attached briefing note that reminds practitioners and businesses of the flexibility of a UK administration to stabilise, protect, and, if necessary, restructure companies. It is vitally important, as businesses across the UK battle the enormous challenges posed by the COVID 19 crisis, that we remember … Continue Reading

The next step – Support measures for self-employed businesses

On Thursday, 26 March 2020, the Chancellor of the Exchequer published details of his latest intervention in the government’s response to the COVID-19 pandemic by unveiling a much anticipated package of support for self-employed businesses. The Self-employment Income Support Scheme (SISS ) is intended to align the support available for the self-employed with that already … Continue Reading

Commercial tenants receive protection from eviction

In summary, and in edition to other measures announced by the Government, no business will be forced out of their premises if they miss a payment in the next three months (currently up to 30 June 2020 but there will be an option for the Government to extend this). This measure applies to all commercial … Continue Reading

Now that the UK is in lockdown, what do the new measures mean for UK businesses?

This note explains which businesses must close and considers how the restrictions on movement of people impact on essential businesses. For insolvency practitioners, the decision to close non-essential businesses will impact on what options are available if a business is in distress and has to go into an insolvency process. It will also impact on … Continue Reading

The impact of the announcement that the UK is now locked down on businesses and insolvency appointments

The Prime Minister announced tonight that all shops selling non-essential goods in the UK are to close immediately and except in specific circumstance people will not be allowed to leave their homes – all social gatherings and social events are to stop.  This measure will be reviewed in three weeks. The important questions that these … Continue Reading