Tag Archives: restructuring

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

More detail about the UK Coronavirus Job Retention Scheme

Yesterday, HMRC issued more guidance about the new Coronavirus Job Retention Scheme.  Our employment colleagues have produced this alert covering: Who can claim under the scheme? Which employees are covered What costs will be covered? Dealing with different types of employees i.e. those on sick leave, maternity leave, volunteering or on unpaid leave The rights … Continue Reading

CCFF and CBILS – How are we going in week one?

This week has already seen both the Covid Corporate Financing Facility (CCFF) scheme and the Coronavirus Business Interruption Loan Scheme (CBILS) go live.  Now we are into the first week of implementation of these two flagship schemes from the Bank of England and Government respectively, it’s clear that accredited providers, being those who are now … Continue Reading

Australian Government takes swift legislative action to assist companies facing insolvency risks due to COVID-19

The Australian Government has taken swift action to enact new legislation which significantly changes the insolvency laws relevant to all business as a result of the ongoing COVID-19 related developments. Snapshot Temporary relief from insolvent trading and associated personal liabilities for directors seeking to navigate a path to financial viability and recovery for their companies, … 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