Tag Archives: insolvency

Updated: UK Business Viability Guide – understanding director risks and challenges

With the UK taking positive steps towards re-opening the economy, businesses will start to see the true impact that lockdown restrictions (and the lifting of those restrictions) have on supply and demand. The UK government has continued to support UK businesses including,  most recently, extending the prohibition on winding up petitions and the forfeiture moratorium, … Continue Reading

Pre-Pack Administrations: How Do Administrators Evaluate the Evaluator? (UK)

With fairly swift measure the UK House of Commons approved the ‘pre-pack regulations’ confirming that, with effect from 30 April 2021, before a pre-pack sale can complete creditor approval or an independent written report from an evaluator will be required. The detail about, the now mandatory referral process, can be found in our previous blogs. … Continue Reading

UK Government Consultation- Restoring Trust in Audit and Corporate Governance- A Directors’ Duties and Insolvency Perspective

The Government has issued a consultation paper  regarding statutory audits and financial reporting. The consultation makes proposals in relation to four areas, namely directors, auditors and audit firms, shareholders and the audit regulator. We have previously summarised the proposals impacting the purpose and scope of an audit. This post will focus upon the matters affecting … Continue Reading

Examination and Prosecution Risks Will Increase for Australian Directors and Third Parties Amid the Economic Uncertainty

For the past year, many Australian businesses, ranging from very significant publicly listed corporations, to much smaller family businesses, have benefited from public and private relief measures intended to soften the impact of COVID-19. Although those measures were introduced as a direct result of pandemic-related concerns, the economic reality in many sectors was already uncertain … Continue Reading

UK Government Extends Coronavirus Job Retention Scheme

Following the UK Prime Minister’s announcement on Saturday night that England will enter a second national lockdown on Thursday 5 November, HM Treasury has confirmed that the Coronavirus Job Retention Scheme (CJRS) that was due to close at the end of October will be extended for a month (for now!). The introduction of the Job … Continue Reading

UK Directors Now Face Potential Liability for Company Taxes

  While much of the focus of the insolvency and restructuring world has (rightly and understandably) been on the fundamental changes introduced under the Corporate Insolvency and Governance Act 2020, it is worth remembering that there have been major tax changes too. The Finance Act 2020 introduced new rules making directors, shadow directors and certain … Continue Reading

The Coronavirus Act 2020 – More Bad News for UK Commercial Landlords as Temporary Measures Extended Again

The UK Government is implementing further measures to protect commercial tenants from rent collection until the end of the calendar year. This is the latest in a number of extensions to the provisions of the Coronavirus Act 2020 that have been enacted to help businesses navigate the effects of the COVID-19 pandemic. The new measures … Continue Reading

UPDATED Global Insolvency Report: Impact of Covid-19 on Insolvency Laws

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 introduce a traffic light system to show the current status of these measures and to include further changes to … Continue Reading

UPDATED Global Insolvency Report: Impact of Covid-19 on Insolvency Laws

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 introduce a traffic light system to show the current status of these measures and to include further changes to … Continue Reading

Questions and Answers for UK Corporates about the Corporate Insolvency and Governance Act

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

UPDATED: How to Access European and Middle Eastern Governments’ Financial Support Packages

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

UPDATED: How to Access European and Middle Eastern Governments’ Financial Support Packages

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

Trade Credit Reinsurance Scheme – relief for UK Businesses

The UK Government have announced the implementation of the Trade Credit Reinsurance Scheme (TCRS), which will provide guarantees of up to £10 billion to Trade Credit Insurers in respect of business-to-business transactions. Trade Credit Insurance in the UK underwrites an estimated £350 billion of trading for more than 630,000 businesses each year. It insures suppliers … Continue Reading

UK Insolvency Law Changes – the “New” Moratorium and Other Stakeholders

As set out in the first blog in this series, the Corporate Insolvency and Governance Bill (the “Bill”) introduces a new debtor-in-possession moratorium to give companies breathing space in order to try to rescue the company as a going concern. The first blog outlined how the moratorium will work and the second blog focused on … Continue Reading

UPDATED Global Insolvency Report: Impact of Covid-19 on Insolvency Laws

As different countries respond in different ways to meet the challenges placed on businesses and the economy.  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 … Continue Reading

UPDATED: How to Access European and Middle Eastern Governments’ Financial Support Packages

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, German and Qatar. To access the updated guide – click here.… Continue Reading
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